Mortgage Underwriter Job Description Template
A Mortgage Underwriter is responsible for assessing mortgage loan applications and supporting documentation to determine if the applicant meets the company’s guidelines for approval. The underwriter must have a strong understanding of credit, income, asset and employment verification, as well as federal and state regulations. In addition, the underwriter must be able to effectively communicate with loan originators and processors to obtain missing or additional information needed to make a decision on the loan.
Mortgage Underwriter Job Responsibilities
- Review loan applications and supporting documentation to determine if borrowers meet the criteria for approval
- Analyze financial information such as income, assets, debts, and credit history to assess risk factor
- Utilize underwriting software to generate recommendations for credit decisions
- Prepare detailed reports summarizing findings and recommendations
- Present findings and recommendations to credit committee for final decisionmaking
- Monitor changes in borrower’s financial status and submit updates as needed
- Keep abreast of industry trends and developments to ensure sound underwriting practices
Objectives
- To assess the creditworthiness of borrowers and recommend approval or denial of loan applications.
- To determine the risk involved in lending money to borrowers and make recommendations accordingly.
- To evaluate financial documents such as tax returns, bank statements, and credit reports.
- To calculate the maximum loan amount that a borrower is eligible for based on their income and debts.
- To verify that all information provided by the borrower is accurate and complete.
- To stay upto-date on changes in underwriting guidelines and regulations
Mortgage Underwriter Job Skills & Qualifications Needed
- A mortgage underwriter must have excellent communication skills, both written and verbal.
- They must be able to pay close attention to detail.
- Mortgage underwriters must have strong analytical and math skills.
- They must be able to work well under pressure and meet deadlines.
- Underwriters must have a thorough understanding of the loan process, as well as state and federal regulations surrounding mortgages.