11 Mortgage Loan Underwriter Skills: Definition and Examples

By ResumeCat Editorial Team
Published September 3, 2022

When applying for a mortgage, the loan underwriter plays a vital role in the approval process. Here are 12 skills that every loan underwriter needs to succeed in their job.

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Mortgage Loan Underwriter Skills

Analytical skills

Analytical skills are important for mortgage loan underwriters because they need to be able to analyze a borrower's financial information and determine whether or not they are a good risk for a loan. They also need to be able to understand complex financial documents and make sound decisions based on their analysis.

Attention to detail

This skill is important for a mortgage loan underwriter because they need to be able to carefully review loan applications and supporting documentation to ensure that all information is accurate and complete. This attention to detail is necessary to protect the lender from making bad loans.

Communication skills

The ability to communicate effectively is critical for mortgage loan underwriters. They need to be able to explain complex financial concepts to borrowers in a way that is easy to understand, and they also need to be able to clearly communicate their recommendations to loan officers and other members of the lending team. Excellent communication skills are essential for building trust with borrowers and ensuring that everyone is on the same page throughout the loan process.

Computer skills

A mortgage loan underwriter needs to have strong computer skills in order to be able to do their job effectively. They need to be able to use various software programs to help them assess loan applications and make decisions about whether or not to approve them.

Critical thinking skills

Critical thinking skills are the ability to think clearly and rationally about a problem or issue. Mortgage loan underwriters need these skills to be able to analyze a borrower's financial information and make a decision about whether or not to approve the loan.

Interpersonal skills

Interpersonal skills are the ability to communicate and interact with others. As a mortgage loan underwriter, you will need to be able to effectively communicate with loan applicants, real estate agents, and other professionals in order to obtain the information you need to make a decision on a loan. You must be able to build rapport and relationships in order to get people to trust you and provide you with the information you need.

Math skills

Mortgage loan underwriters need to have strong math skills in order to be able to calculate interest rates, loan payments, and other financial information. They also need to be able to use software programs that analyze this information.

Organizational skills

Organizational skills are important for mortgage loan underwriters because they need to be able to keep track of a large number of documents and files. They also need to be able to work with a team of other underwriters and processors in order to get loans approved in a timely manner.

Problem-solving skills

Mortgage loan underwriters need problem-solving skills to be able to assess a borrower's financial situation and identify any potential risks. They then need to find solutions to these problems in order to approve the loan.

Research skills

The ability to research is critical for a mortgage loan underwriter. They need to be able to find and evaluate information about potential borrowers in order to make a decision about whether or not to approve a loan. This includes being able to use public records, credit reports, and other data sources.

Writing skills

The ability to write clearly and concisely is essential for mortgage loan underwriters. They must be able to communicate their findings and recommendations to borrowers, lenders, and other interested parties in a way that is easy to understand. This skill is important because it allows underwriters to explain their decisions and provide supporting documentation in a way that is both accurate and accessible.

How to improve mortgage loan underwriter skills

As the mortgage industry continues to evolve, so do the skill sets required of loan underwriters. No longer can underwriters rely on a one-size-fits-all approach to approving or denying loans. Instead, they must be able to tailor their analysis to the specific borrower and loan program.

Here are five tips to help improve your mortgage loan underwriting skills:

1. Stay up to date on industry changes

The mortgage industry is constantly changing, so it’s important that you stay up to date on the latest news and updates. This will help you better understand the ever-changing guidelines and requirements. Additionally, many online resources offer free webinars and educational materials that can help keep you sharp.

2. Understand the borrower’s needs

Every borrower is different, so it’s important that you take the time to understand each one’s unique financial situation. What are their goals? What are their challenges? The more you know about the borrower, the better equipped you’ll be to find the right loan program for them.

3. Know the loan programs inside and out

There are a variety of loan programs available, each with its own set of guidelines and requirements. It’s important that you have a thorough understanding of all the programs in order to properly assess which one is right for the borrower. Additionally, many programs have different subtypes (e.g., fixed-rate vs adjustable-rate), so it’s important that you understand the nuances of each one.

4. Use technology to your advantage

Technology has drastically changed the mortgage industry, and as an underwriter, you should use it to your advantage. There are a number of software programs available that can help streamline the underwriting process and make it more efficient. Additionally, many lenders now offer online portals where borrowers can upload all of their documentation electronically – this can save a lot of time!

5. Stay organized and efficient

As an underwriter, you will have a lot of information coming at you from different sources – borrowers, loan officers, processors, etc. It’s important that you stay organized and efficient in order to keep everything straight. One way to do this is by using a checklist for each file; this will ensure that you don’t forget any key steps in the process. Additionally, try to batch similar tasks together (e.g., reviewing all tax returns at once) in order to be more productive.

How to highlight mortgage loan underwriter skills

When you are writing your resume, be sure to highlight your skills as a mortgage loan underwriter. Include any relevant experience you have in the financial industry, and be sure to list any specific software programs or tools that you are familiar with. If you have experience working with a particular type of loan, be sure to mention that as well. Also, be sure to list any certifications or licenses that you hold.

On a resume

In order to highlight your skills as a Mortgage Loan Underwriter on your resume, you should include any relevant experience that you have in the field. You should also list any relevant education or training that you have received. If you have any special skills or qualifications, be sure to list them as well.

In a cover letter

When writing a cover letter as a mortgage loan underwriter, be sure to highlight your skills in risk assessment, financial analysis, and loan processing. Include examples of times when you have successfully underwritten loans and helped borrowers obtain financing. Also, discuss your knowledge of different types of loans and mortgage products. Demonstrate your ability to work well under pressure and meet deadlines. Finally, emphasize your commitment to providing excellent customer service.

During an interview

In order to highlight your skills as a Mortgage Loan Underwriter during an interview, you should be prepared to discuss the various aspects of the job and how your skillset aligns with the requirements. You should also be ready to provide examples of your work in order to demonstrate your abilities. Finally, you should be able to articulate why you are the best candidate for the role.