A mortgage underwriter is a trained finance professional who is expected to analyze all the aspects related to the approval of a mortgage file, from putting together all the pieces, by following strict procedures, computing the loan scores and comparing them with regulations.
This includes assessing the potential borrowers’ financial status, by checking past records, income statements and other documents, making sure that the client has the financial power to repay the loan in due time. A good underwriter needs to use their knowledge on the rules and regulations in force to be able to estimate each particular case, not only apply blindly the algorithms.
When applying and interviewing for a mortgage underwriter job showing a keen attention for details can set you apart from the competition.
Tips for Mortgage Underwriters Resumes
Analytical Skills
A mortgage underwriter should be able to simultaneously evaluate the financial status and the goals of the potential borrowers as well as their long-term ability to pay the loan by analyzing their income statements, collateral property and past loan history. Furthermore, a successful underwriter will assess the risks of the property, such as earthquakes, floods and ask for supplementary insurance, in applicable. The best results are attained by meticulous and detail-oriented individuals with a good grasp of mathematics, who went through risk management training.
Negotiation Skills
An underwriter’s duties include meeting with the borrowers, explaining them the scores they received through the automated algorithms and trying to find those positive aspects, if any that would help the individual get their loan approved In the case of a negative answer to their requirement, justifying such an outcome in a logical way is mandatory. These actions require superior negotiation skills, as no two clients are the same.
Cultivating great relations with both the broker community and the clients is the key towards long term satisfaction and is also an expression of the high professionalism of the underwriter, who is a trustworthy person of the loan giver, but also acts as a consultant for the borrower.
IT Skills
Since the eligibility scores are computed automatically and the submission process of the mortgage application is in a software program, the computer skills of a Mortgage Underwriter play an important role in their success. Some good to have skills include: the MS Office Package/ Google Drive apps, specific financial analysis programs for loans and mortgages (SoftPro).
Mortgage Underwriter’s Resume Samples
The following resume samples and templates for mortgage underwriter can help you get a better idea of what your resume can look like.
A Mortgage Underwriter should always adjust their resume to the specific job description and make sure they highlight their strong points.
Additional Mortgage Underwriters Resume Tips
- Industry-specific qualifications – Mortgages come in a wide variety, therefore if you have in depth knowledge of a certain type, make this information stand out in your resume. Mention “Alt A” ,“non-prime” “sub-prime” mortgages if appropriate.
- Processing capacity – The mortgage underwriter’s main activity is to process loan files, therefore if you have high speed and high accuracy it is worth mentioning these aspect to set yourself apart from the competition. Include the number of daily/monthly processed files.
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