Underwriter Job Description: Top Duties and Qualifications

An Underwriter, or Loan Underwriter, is a financial professional responsible for assisting in the loan application process by determining the risk-level of working with an applicant. Their duties include researching a client’s credit, income and assets, reviewing applications based on policy guidelines and performing risk assessment reports.

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Underwriter duties and responsibilities

Underwriters perform many analytical tasks to fully review and assess an applicant to ensure their company provides the right amount of coverage or assistance. They often have the following responsibilities:

  • Collect, review and analyze an applicant’s relevant history and records
  • Obtain additional information about an applicant to determine coverage needs
  • Determine the level of risk for insuring or lending
  • Offer recommendations on whether or not to approve an application
  • Help agents determine premium costs
  • Evaluate insurance claims for accuracy and the coverage amount

Underwriter Job Description Examples:

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Underwriter

Underwriter (Remote)

Digital Risk’s mission to Make Mortgages Safe relies on the perfect blending of human experience and state-of-the-art technology to serve its workforce and clients.

Digital Risk’s 1,500+ team members make us one of the largest mortgage outsource providers in the [website] supplying appraisal and mortgage processing, underwriting and closing to the largest banks and loan originators.

Position Overview:

The Underwriter’s primary responsibilities include reviewing mortgage files submitted to Underwriting. This position requires calculating income, analyzing debt and assets, as well as completing an in-depth review of the completed appraisal and title. Additional responsibilities include entering data into the client’s loan operating system, utilizing an automated underwriting system to determine approval and clearing conditions for Final Approval. Candidates must possess a strong sense of urgency with an ability to work in a team environment, maintaining excellent organizational, communication, and PC skills.

Essential Job Functions:

  • Perform complete and in-depth review of mortgage loan files including; income, assets, credit and collateral

  • Utilize client’s loan operating system to ensure accurate data entry

  • Underwrite loans in accordance with client guidelines; utilizing AUS or manual guidelines

  • Evaluate and ensure overall loan documents are accurate, complete, and compliant

  • Ability to identify and/or clear ref flag or alerts

  • Issue loan decision and condition file accordingly

  • Review and approve conditions for compliance and completion of loan file

  • Provide excellent customer service to internal and external clients

  • Maintain current knowledge of client and investor requirements

  • Resolve pre and post-closing issues as they relate to underwriting

  • Assist Processors/Loan Officers in understanding underwriting decisions and conditions

    Requirements:

  • Minimum 2+ years current conventional mortgage loan underwriting experience

    o Strong knowledge of income calculations, tax returns, reading credit reports, identifying red flags

    o Basic knowledge of appraisal and ability to recognize red flags and ineligible properties

  • Must be able to fully Work From Home

  • Thorough working knowledge of Fannie Mae and Freddie Mac underwriting guidelines and automated underwriting engines (DU/LP)

  • Strong analytic, interpersonal, and verbal and written communication skills

  • Detail-oriented with strong ability to time manage

  • Ability to work in a flexible and production-oriented environment

  • Must be able to work in a high stress environment while delivering a high-level of customer service

  • Must be willing and able to work as part of a team

  • Strong capability to work in multiple systems - paperless environment

  • Must be willing to work in strict security environment

  • Nmls-MLO Licensure preferred

  • Candidates must be available to work outside of normal business hours when necessary

    Additional Information

    Digital Risk is an Equal Employment Opportunity/Affirmative Action Employer and maintains a Drug-Free Workplace.

    Note: This job description is not intended to be all-inclusive. Employee may perform other related duties as negotiated to meet the ongoing needs of the organization

    Job Type: Full-time

    Experience:

  • Underwriting: 2 years (Preferred)

    Education:

  • High school or equivalent Fully Remote
  • ×

    Underwriter

    Our firm is seeking several entry level candidates for our Underwriting Trainee team. This is an excellent opportunity for candidates with a business degree looking to get into Mortgage Underwriting.

    Basic Functions:

  • Responsible for providing support to underwriting; Duties will include reviewing & handling written customer requests

  • Qualifying accounts according to company guidelines; researching property locations for prior coverage & losses using company systems

  • Using the internet to research accounts; assigning occupancies to locations; calculating total insured values & entering quotes in quoting & rating system.

  • Ordering risk assessments when required, issuing bound new business, & gathering information for the monthly exception accounts;

  • Communicates with brokers/agencies, customers and internal departments; quotes accounts within authority limits by reviewing exposures and experience rating, updating account information, rates and adjusts price

  • Special projects as needed

    Requirements:

  • 4 year college degree within Business, Finance, Accounting or related.

  • Proficient with Microsoft Office, specifically Excel

  • Analytical skills

  • Comfortable working independently

  • Ability to problem solve and multi-task

    Job Type: Full-time

    Salary: $45,000.00 to $60,000.00 Bachelor's None

  • ×

    Underwriter

    Triad is seeking a highly motivated candidate to join the Team as an Analyst, supporting the Acquisitions and Development Team, as well as key Principals, with underwriting analysis for proposed and completed investments. Triad is a small, family run business with exponential growth opportunities.

    Responsibilities:

  • Analyze acquisition and development opportunities in Retail, Multi-Family, Industrial and Office Real Estate.

  • Provide analytical and asset management support on existing investments.

  • Prepare portfolio valuations using discounted cash flow models.

  • Review asset financial documents and evaluate variances and trends in operating income and expenses.

  • Search the market for investment opportunities ranging from land to existing assets.

  • Research various marketplaces and convey findings to principals.

    Requirements:

  • 0-3 years’ experience working in commercial real estate

  • Bachelor’s Degree in business, economics, finance, accounting, or relevant analytical knowledge

  • Strong analytical, comprehension and problem solving skills

  • Self-starter, team player with organizational skills

  • Exceptional Excel skills

  • Capability to research beyond the Internet, in a time-sensitive environment

  • Utilize market comps to project trends, through the collection of data

    About Triad Real Estate Consulting Group, LLC

    Real Estate investments and development. High growth opportunities. Commission opportunities. Small company.

    Triad Real Estate Consulting Group, LLC is a Houston based real estate advisory firm that provides services to individuals and businesses for both investment and business use. Our practice is focused on developing and implementing optimal real estate investment strategies, as well as analyzing, negotiating and assisting in the oversight of real estate transactions. As specialists in the valuation of real property, Triad Real Estate Consulting Group, LLC has assisted clients close on over $2.5 billion in transactions throughout the United States, Canada, Mexico and Eastern Europe. The principles of the firm have been engaged on more than $500 million in direct and securitized 1031 exchange investments. Triad works closely with both the capital/ownership side and the management side of all assets and projects. We work on acquisitions, dispositions, and ground up developments across all real estate asset types (multifamily, retail, industrial, office). We are a niche, family run business.

    Job Types: Full-time, Contract

    Location:

  • Houston, TX 77068 (Required)

    Language:

  • English (Required)

    Work authorization:

  • United States (Required)

    Contract Length:

  • More than 1 year

    Full Time Opportunity:

  • Yes

    Additional Compensation:

  • Commission

  • Bonuses

    Work Location:

  • One location

    Benefits:

  • Health insurance

  • Signing bonus

  • Paid time off

  • Flexible schedule

  • Professional development assistance

    This Job Is Ideal for Someone Who Is:

  • Dependable -- more reliable than spontaneous

  • Detail-oriented -- would rather focus on the details of work than the bigger picture

  • Achievement-oriented -- enjoys taking on challenges, even if they might fail

  • Autonomous/Independent -- enjoys working with little direction

  • Innovative -- prefers working in unconventional ways or on tasks that require creativity

    This Company Describes Its Culture as:

  • People-oriented -- supportive and fairness-focused

  • Team-oriented -- cooperative and collaborative

  • Outcome-oriented -- results-focused with strong performance culture

    Schedule:

  • Monday to Friday

    Company's

  • What does an Underwriter do?

    Underwriters typically work at insurance agencies, banks and other financial institutions to approve insurance plans and loans for clients. They read each application to determine if an applicant qualifies for a loan or an insurance policy, confirming that all of the information on the applicant accurately reflects their risk level. They review an applicant’s personal documents such as their driving record, medical history, criminal record, credit report and income statements.

    Underwriters look for patterns in financial data to determine which applications could have a high risk of financial losses. They assess a company’s losses and try to identify the main sources of loss to better inform the way they vet clients. After performing a risk assessment, the Underwriter decides who to approve and submits a statement explaining their decision.

    Underwriter skills and qualifications

    An Underwriter uses a variety of soft skills, technical skills and industry knowledge to accurately review applications, including:

    • Qualitative and quantitative analysis skills
    • Communication skills, including speaking and writing
    • Customer service skills
    • In-depth understanding of insurance coverage or loan products
    • Advanced knowledge of federal regulations and best practices of insurance or lending institutions
    • Project management and organization skills
    • Time management and prioritization skills
    • Decision-making and critical thinking skills

    Underwriter salary expectations

    Underwriters earn an average of $73,215 per year. Salary may depend on level of education, experience and geographical location.

    Underwriter education and training requirements

    Underwriter candidates are likely to have at least a bachelor’s degree in business, economics, finance or business. Many Underwriters receive on-the-job training, working with a more experienced Underwriter to learn best industry practices and company-specific practices. As part of their training period, entry-level Underwriters can manage lower value projects and then work their way up to higher-value policies. Candidates vying for a senior Underwriter position may also have completed additional training and become certified through the American Institute For Chartered Property Causality Underwriters.

    Underwriter experience requirements

    Entry-level Underwriters may not have previous experience in the role and can complete on-the-job training to get experience. Other relevant experience may include customer service, banking, insurance or other business roles. For roles that require specialized knowledge, complete advanced tasks or have leadership responsibilities may require years of experience as an Underwriter and certification. Candidates may be in pursuit of or have completed certification.

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    Frequently asked questions about Underwriters

     

    What is the difference between an Underwriter and an Actuary?

    Underwriters and Actuaries are both risk assessment professionals who analyze a range of factors to identify the pros and cons of working with a client. The main difference between the roles is that Underwriters work with processing individual applications, making personalized decisions about who to approve. Actuaries research general business risks and liabilities, identifying vulnerabilities in a company’s structure and making recommendations to limit those risk factors. Underwriters predict the potential cost of taking on a particular client, projecting the likelihood that they will incur various expenses compared to the price of their plan.

    Actuaries create statistical models that reflect general trends for common business risks, which Underwriters then use to inform their decision about whether to approve a client and if so, what the terms of their agreement should be. They both perform research, but Underwriters are likely to draw upon existing actuarial studies while Actuaries may need to conduct original research to assess risks.

     

    What are the daily duties of an Underwriter?

    Underwriters receive assignments from Loan Officers, who communicate with the client and help gather all of the necessary documentation. They start by reviewing the application and looking for any missing information that would impede the research process. Underwriters request financial documents to confirm the information in the application, tracking the progress of several accounts at once. They organize files and identify the key risk factors that could impact

    They review statistics to determine how much they should charge each applicant for a policy or loan, writing quotes and negotiating the terms of an agreement. Underwriters make note of which applications they approved and rejected, comparing projected risks to the actual costs related to a policy or loan agreement. They keep detailed records of applications and use them to refine and adjust company policy on underwriting practices.

     

    What are the characteristics of a good Underwriter?

    Good Underwriters are practical people who use analytical, logical and strategic thinking to make wise business decisions. They’re excellent at performing research and using the data they collect to draw conclusions about the best way to approach different risks. Because underwriting involves using mathematical and statistical models, good Underwriters can quickly and accurately perform calculations based on all the variables of an application.

    Successful Underwriters are detail-oriented individuals who can recognize the warning signs of a high-risk contract and determine possible solutions to mitigate the risk. To keep track of all of their clients, good Underwriters always stay organized and coordinate all of their tasks.

     

    What are the different types of Underwriters?

    There are several different kinds of Underwriters that specialize in approving clients for different types of agreements. These include Insurance Underwriters, Debt Security Underwriters, Mortgage Underwriters and Equities Underwriters. Each type is trained on identifying risks specific to their industry and measuring their impact. All types of Underwriters make recommendations about application approval policies to promote their employer’s financial health.

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