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Forum
-> Working Women
IloveHashem613
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Fri, Jul 18 2014, 6:29 am
I am looking for a job and I recently saw an ad for a mortgage company that had an opening for an underwriter. It said they were looking for someone experienced with mortgages (which I don't have) but it piqued my interest and I was curious if anyone here does this. Is it a good skill to know? How did you learn it? I used to work for a commercial inspection company writing detailed reports for a team of lawyers so I have experience with writing professional sounding documents and being very attuned to details. Just wanted to know more about the field and see if its something worthwhile pursuing.
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amother
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Fri, Jul 18 2014, 12:02 pm
I am not a mortgage underwriter but work for a bank as an internal auditor and I have audited the underwriting department, so I know a little about mortgage underwriting.
The mortgage underwriter is trying to assess the risk associated with the ability of the customer to pay the loan. My understanding is that basically the mortgage underwriters gather information regarding income, expenses, appraisal of collateral (the house) and credit scores and you have to do some calculations (which most places have systems that you enter the data). Then there are company underwriting guidelines that tell you if the customer would be eligible for the loan. There are also regulations that you have to make sure that you are complying with.
I knew nothing about mortgages and just learned on the job as an auditor - so I don't have any advice for you there.
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chocolate moose
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Fri, Jul 18 2014, 5:34 pm
A friend's daughter just started doing this; she has a law degree.
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amother
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Fri, Jul 18 2014, 7:15 pm
I work for a mortgage company. A mortgage underwriter reviews the files the processors send in to make sure that the applicant can pay back the loan. They also must know all the mortgage laws to know what their company mat close or if they work with other banks...what they will close.
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