Mortgage Underwriter Job Description: Top Duties and Requirements

A Mortgage Underwriter, or Mortgage Agent, works on behalf of a financial institution, bank, or credit union to review and approve loan documents for a mortgage. Their duties include assessing financial risk during the mortgage application process, recommending appropriate loan products, and explaining loan details.

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Mortgage Underwriter duties and responsibilities

A Mortgage Underwriter ensures the customer follows all requirements of the mortgage application procedure. They manage the entire process, from a request for information to the completed documentation and signing of the paperwork for a mortgage. Some essential duties and responsibilities of a Mortgage Underwriter may include:

  • Completing and reviewing mortgage application paperwork for accuracy
  • Analyzing applicant’s credit history and financial information to assess eligibility
  • Answering inquiries and questions from lenders and brokers
  • Escalating any applications that require managerial approval
  • Establishing credit terms, pricing, and conditions during the application approval process
  • Creating business relationships with brokers and customers

Mortgage Underwriter Job Description Examples:

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Mortgage Underwriter

*Company description* Smart Money Mortgages was formed with the specific goal of providing the Canadian public with maximum flexibility when buying or refinancing their biggest financial asset: Real Estate. Empowering our clients with the freedom to choose the best and most suitable options is what has made our team of mortgage professionals so successful. Unsurpassed knowledge and an undying commitment to customer service. It's what we're founded on. *Job description* Mortgage Underwriter Position We are looking to hire an experienced mortgage underwriter to join our rapidly growing mortgage brokerage. The successful candidate will enjoy a flexible work environment and a competitive base salary, plus the ability to earn substantial bonus/commission income. Key Responsibilities of the Position: - Receive and review mortgage applications submitted by borrowers - Assess each application and assign it to the most appropriate lender, based on the characteristics of the given application. - Collect all necessary information, input it into the Filogix submission software, and submit the application to the appropriate lender - Correspond with both borrowers and lenders, providing all parties with timely information. - Collect documents from borrowers, analyze and organize the documents, then send them to the corresponding lenders. - Order appraisals and correspond the appraisers. - Ensure timely closing of each real estate transaction. - Keep detailed and organized records. Requirements: - Minimum 3 years experience as a mortgage underwriter - Must acquire your Mortgage Agent licence - Strong written and verbal communication skills - Strong organizational skills - Commercial mortgage underwriting experience is an asset - Knowledge of Filogix Expert is an asset Job Types: Full-time, Contract, Permanent Salary: per year Additional pay: * Bonus pay * Commission pay Benefits: * Casual dress * Profit sharing * Work from home Schedule: * 8 hour shift Experience: * Mortgage Underwriting: 3 years (Preferred) Work remotely: * Yes
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Mortgage Underwriter

*Employer – Job description* We are a prominent private mortgage lender that intakes funds from investors and then lends those funds out as mortgages secured against real property. As an alternative mortgage lender, we provide flexible and customized mortgage and lending to meet individual needs. Our current mortgage portfolio size is approximately $100 million across B.C, and we have successfully experienced rapid growth. You will be working with our professional executive team that has over 75 years combined experience in the industry with expertise from property development, public accounting and mortgage financing. *Key Responsibilities as the Mortgage Underwriter* * Pre-screening of prospective mortgage deals against the Company’s lending parameters and portfolio diversification requirements. * Underwriting of prospective mortgage deals, including scrutiny of Appraisal Reports, for efficient and consistent presentation to the Company’s Lending Committee. * Handling construction draw requests for construction mortgage files, including loan-to-value and cost-to-complete considerations at each draw stage. * Dealing with mortgage renewals. * Communicating with outside mortgage brokers in a tactful manner to ensure that deal flow continues to the Company. * Develop new channels and sources for mortgage deal flow to the Company. *Skills, Attributes, Qualifications and Experience Required for the Position* * Must have a [website] Mortgage Broker license in good standing. * Within 12 months of being hired, be qualified to become the Company’s Designated Individual by having been registered as a Submortgage Broker for a minimum of 2 years with no compliance issues in accordance with BC Financial Services Authority requirements. * Familiarity with underwriting, including exposure to non-bank private lending. * Need to foster strong interpersonal relationships with outside mortgage brokers that are the primary source of mortgage deal flow. TO APPLY: E-mail resume with a cover letter and mention the source of this job posting. Only those who have been chosen for interviews will be contacted. Reference ID: [website] Job Types: Full-time, Permanent Salary: From $80,000.00 per year Additional pay: * Bonus pay Benefits: * Extended health care Schedule: * Monday to Friday Application question(s): * Do you reside in Lower Mainland? Experience: * Mortgage Industry/ Financial: 2 years (preferred) Language: * Effective English (preferred) * [website] Mortgage Broker License (preferred) Work remotely: * No
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Mortgage Underwriter

*About us* Effortless Mortgage is an online mortgage broker. Our mission is to modernize the mortgage process in Canada and save time and money for consumers. *Who we are: * Effortless Mortgage is an online mortgage broker founded by industry veterans and technology pioneers. We offer competitive compensation, flexible & fun working environment, and opportunity to grow with the company. *Job Description: * If you are a motivated mortgage agent, underwriter or fulfillment officer looking to take your career to the next level, this is the opportunity for you! You will be provided 10-20 inbound leads a day. Bonus is based on the number of leads closed. Ideally, you a mortgage agent license and 1-5 years of mortgage underwriting or fulfillment experience. You are passionate about helping clients and able to assess customer’s credit history, income, assets and ability to pay and recommend the best mortgage options. If you are really good at helping clients and closing the leads, you will be making similar compensation as an independent broker without the stress to constantly hunting for leads. Here's what you will be doing on a daily basis: * All leads are provided. Manage 10-20 inbound leads using a state-of-art CRM system * Provide mortgage advice to clients to help them find the best mortgage products and rates * Assemble, organize and review application, financial information, and applicant's documents * Build strong relationships with lenders and their adjudicators * Effectively follow-up on applications and answer client inquires using customized digital tools. *Perks: * * Access to the latest mortgage tools that makes your life easier * Opportunity to move up and assume management responsibilities as the company expands * Reimburse annual Mortgage Agent Licensing fee * Comprehensive training and onboarding * Weekly support and coaching sessions from industry veterans * This role is completely virtual with flexible hours *Qualifications: * * Mortgage Agent license is an asset (You will need to be licensed for this role within 1 month of hire if not currently licensed). * Minimum 1 years’ experience with mortgage lending preferred. * A strong understanding of residential mortgage products. * Able to prioritize and handle multiple tasks in a time sensitive manner. Perform well in a busy operation and remain calm under pressure. * Excellent written and verbal communication skills. * Strong interpersonal, organizational and time management skills. *Effortless Mortgage provided the following inclusive hiring information: * We are an equal opportunity employer and considers all qualified applicants equally without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, veteran status, or disability status. Job Type: Full-time Salary: $60,000.00-$155,646.00 per year Additional pay: * Bonus pay * Commission pay Benefits: * Casual dress * Flexible schedule * Paid time off * Work from home Schedule: * Monday to Friday Experience: * Mortgage: 1 year (required) * Mortgage Agent License (required) Work remotely: * Yes

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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Mortgage Underwriter job description FAQs

What is the difference between a Mortgage Broker and a Mortgage Underwriter?

A Mortgage Broker works on behalf of the individual or group attempting to secure financing for a house or property. They represent their customer to find the best financial option. A Mortgage Underwriter represents the lending company, bank, or other financial institution providing the mortgage.

What are the day-to-day duties of a Mortgage Underwriter?

A typical day for a Mortgage Underwriter will include checking emails and phone messages, and answering questions and requests from brokers and customers. They review mortgage files to follow up on outstanding documents, such as tax assessments, property searches, and credit reports. They may work with a junior associate to help gather missing documentation. A Mortgage Underwriter will also review documents to analyze credit risk and ensure accurate and complete applications.

How can you make your Mortgage Underwriter job description stand out?

You can make your job description stand out for a Mortgage Underwriter by defining your company’s vision and values. Specify if you need candidates to have knowledge of particular software. For a more senior role, be sure to include any additional management or leadership qualifications you require. Also include any unique benefits and incentives your company offers to employees. 

What qualities make for a good Mortgage Underwriter?

A successful Mortgage Underwriter has a sharp attention to detail and is goal-oriented. They are great communicators and collaborators. A Mortgage Underwriter needs to work within the confines of integrity, ethics, and confidentiality. They also have excellent skills in math, decision making, and problem-solving.

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