Requirements for Becoming a Mortgage Underwriter

Mortgage Underwriters are responsible for the approval of mortgage loans. An applicant must pass several qualifications in order to be accepted by a lender. The job description is very detailed and is defined in the mortgage loan contract. It can take years to become qualified for the job. Some of the requirements are:

Experience – The mortgage loan contract defines the term “experience” as the following: For the three years prior to acceptance for the position, a candidate must have completed an undergraduate degree. Then the experience ends as the applicant passes the exam and gets a master's degree or higher. In addition, candidates must have at least two years of industry experience working with the type of loan being applied for and have a minimum of five years of experience working with the lender. Additional experience is required for mortgage underwriters in many cases.

Qualifications – Real estate professionals who want to be a mortgage underwriter will need to meet the specific qualifications set forth in the loan contract. The loan contract will require applicants to demonstrate good communication skills, good interpersonal skills, and the ability to identify trends and patterns that will give the underwriter an insight into the financial situation of the borrower and the lender. The underwriter must have thorough knowledge about all areas of the loan including the documentation that is required. The underwriter must also know how to read financial statements, use computer software programs to analyze data, and be familiar with financial and lending terms.

Education – The job description for the mortgage underwriter includes experience and education. Some of the qualifications required for the job include a master's degree with a specialty in finance. The requirements also require candidates to have a bachelor's degree or higher. Candidates who are seeking employment in the mortgage industry need to be in good academic standing and hold a valid license from a state that authorizes the practice of mortgage lending.

Work Experience – Working as a mortgage underwriter requires a candidate to have years of experience working in the loan industry. The loan industry is very competitive and the applicant must be prepared to pass a written exam. The candidate must also be prepared to speak confidently on a variety of different types of loan issues.

Work Environment – Works as a mortgage underwriter requires candidates to complete the mortgage underwriter job description in a busy office environment. Candidates should be willing to work long hours and must be able to focus on a wide variety of tasks at one time.