What does a Mortgage Underwriter do?
Banks, loan companies, and other financial groups employ Mortgage Underwriters to represent their interests during the mortgage application process. While most Mortgage Underwriters work with various customers, others may work with only a select few high-performing mortgage brokers, depending on volume. When first starting, an individual typically performs as a Mortgage Underwriter Associate, assisting more senior Underwriters. Once they have accumulated two or more years of experience, they can move into a Mortgage Underwriter role.
Mortgage Underwriter skills and qualifications
A Mortgage Underwriter must have extensive knowledge of the mortgage process, including all necessary paperwork. Working on behalf of the lender, they must work with integrity and discernment. Top skills for a Mortgage Underwriter include:
- Exceptional communication skills to correspond clearly with brokers and clients
- Ability to manage multiple applications at a time
- Time management skills to complete tasks promptly
- Attention to detail ensuring that they attend to all elements of the application process
- Ability to assess a client’s credit and to analyze financial data, including tax returns and other financial documents
- Comfortable prioritizing their work schedule and required tasks
Mortgage Underwriter experience requirements
Mortgage Underwriter candidates typically require a minimum of two years of experience in a Mortgage Underwriter Associate. A successful candidate will have experience working within the real estate or financial industry in addition to formal education, reviewing mortgage applications and financial documents. Depending on your company’s requirements, a candidate may benefit from experience with specific customer management and mortgage software, such as SalesForce, Filogix, or Velocity.
Mortgage Underwriter education and training requirements
Mortgage Underwriter candidates need to have completed post-secondary education, for example, a bachelor’s degree in business administration, economics, or finance. The role is a regulated profession in most provinces and territories. Be sure that candidates have the necessary certification for your area of operation.
Mortgage Underwriter salary expectations
According to Indeed Salaries, average pay for a Mortgage Underwriter in Canada is $20.57 per hour. The actual salary earned will depend on factors like experience, location, education, and the hiring company.
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