Best jobs for former mortgage underwriters

The best jobs for former mortgage underwriters include credit analysts, consumer loan underwriters, and anti-money laundering specialists. Underwriting is all about assessing risk, and there are several different industries that are interested in someone who's an expert at that. Other industries - such as insurance - also have underwriters, but there are other finance jobs that a former mortgage underwriter can do. If you're a mortgage underwriter looking for a new career, then here are ten excellent careers to choose from:

1. Credit Analyst

   Average Salary: $61,422

   A credit analyst's role is to assess and determine a client's capacity to uphold financial obligations when applying for loans or credit programs. Working for creditors like banks and lending firms, a credit analyst must interpret and analyze financial data and personal records, identify inconsistencies and risks, and verify necessary documentation in support of loan committees. Furthermore, a credit analyst must also perform administrative tasks such as preparing reports and applications, fulfilling document requests, reaching out to clients, and coordinating with colleagues to assure accuracy in all operations.

2. Consumer Loan Underwriter

   Average Salary: $53,525

   A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.

3. Anti Money Laundering Specialist

4. Financial Analyst

5. Lending Specialist

6. Mortgage Specialist

   Average Salary: $38,757

   Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.

7. Loan Processor

   Average Salary: $38,122

   A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.

8. Mortgage Loan Originator

9. Mortgage Processor

   Average Salary: $40,527

   A mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.

10. Credit Underwriter