Mortgage underwriters are behind-the-scene professionals that those seeking a mortgage never meet. No mortgage loan closes without the approval of a mortgage underwriter. It is the job role of a mortgage underwriter to make sure that an applicant's income, savings, debt ratios and credit history meet with the loan program guidelines. Proper down payment must also be in place. In addition, these professionals ensure that the insurance, title and tax documentation are in place along with reviewing the appraisal to make sure it is accurate. In essence, mortgage underwriters have the final responsibility and approval for a loan. These professionals often work for banks, credit unions and mortgage brokers. With the emergence of the Internet, there are remote mortgage underwriter jobs available today. Automated underwriting systems that analyze data and assess risk based on given formulas also make these remote jobs possible.
Education for Mortgage Underwriters
Earning an underwriting certification can assist with securing a position as a junior underwriter or loan processor. Once hired, many companies provide new underwriters with additional training. Often, training includes mortgage alternatives, such as FHA loans, fixed-rate loans and balloon mortgages. Although some companies hire individuals with a certificate in mortgage underwriting, most prefer to hire those with a four-year degree in management, finance, accounting or business. Typical courses in these majors include business law, finance fundamentals, business management and statistics.
Job Outlook and Salaries for Mortgage Underwriters
According to statistics, the growth for mortgage underwriters is projected at 8 percent through 2022. Compared with other industries, this growth rate is average. Population growth, low interest rates and economic growth will fuel the demand for these professionals. The need for commercial loans is also expected to increase. Statistics indicate that the median annual wage for mortgage underwriters in 2012 was $60,000. The top 10 percent earned over $115,000, and the lower 10 percent earned less than $32,000.