The duties of mortgage underwriters carry huge responsibilities in financial industry. If you are aspiring to become a mortgage underwriter, it is essential to know some of the salient features on this particular career.
The mortgage underwriter is responsible in approving or disapproving loan application in mortgage. The underwriting procedure includes evaluating and verifying loan applications and determining if the client has the capacity to repay the mortgage loan.
Mortgage underwrites mostly work in the office of any financial institutions and mortgage companies. They deal with numbers, calculations and must possess a good auditing and analytical skills including a firm knowledge on math. A good skill in decision making is also vital since the major role of mortgage underwriters are deciding and evaluating whether to approve or deny the client’s loan application.
In order to become a mortgage underwriter, a bachelor’s degree in business, banking, finance or any related field is essential. Having an associate degree in financing or mortgage banking may also qualify. Some employers also hire candidates with a degree in accounting and business law.
A mortgage underwriter may initially enter as an underwriter trainee or assistant underwriter. If the aspiring candidate gains more work experience in the related field, he can then be qualified for a higher position with a great number of roles and responsibilities as a mortgage underwriter or a senior underwriter.
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