An Experienced Underwriter earns an average salary of $148,559 per year.
Job Description for Underwriter
Underwriters work primarily in banks which handle loans and mortgages and are responsible for analyzing the risks of a loan based on the data in the application. They also oversee other information in the loan application to ensure it is accurate.Read More...
Loans are the primary source of income for a bank, and ensuring the quality of loans is of the utmost importance. Underwriters must follow all regulations, from the guidelines of the company and external underwriter to federal regulations for the approval process. They must have strong communication skills to work well with applicants, as well as management skills to ensure that loans are of high quality and helpful for both sides. The ability to learn quickly is highly beneficial, as well, as technology is constantly changing.
Underwriters work primarily inside offices for eight-hour shifts from the bank's opening to closing. Specific training is necessary to follow federal regulations and understand all credit and loan files, and most companies require this training before applying or will offer it on-the-job. Knowledge of FNMA and FHMLC programs and guidelines is also required for the position. (Copyright 2018 PayScale.com)
- Analyze new and renewal business, data, claim history, loss experience, and outcome of liability decisions.
- Underwrite, submit, approve or pend coverage amounts and premiums, and present decisions to management.
- Monitor existing policies for compliance with company guidelines.
- Manage underwriting territory and select new business based on analysis of their profitability.