What does a commercial underwriter do?
A commercial underwriter is responsible for processing commercial loan applications, evaluating payment agreements and terms of service, validating customers' information, and requesting additional documents as needed. Commercial underwriters analyze the credit qualifications of an applicant, including financial history, account statements, and outstanding loan applications, if any. They identify potential credit risks for the loan request and advice the applicants for alternative loan options according to their needs and qualifications. A commercial underwriter responds to the applicants' inquiries and concerns regarding their loan applications and provides timely decisions for their requests.
Commercial underwriter responsibilities
Here are examples of responsibilities from real commercial underwriter resumes:
- Handle new and renewal multi-line policies.
- Quoted new business and handle multi-line commercial accounts for this retailer.
- Front office administration; maintain A/R and A/P for 1000+ commercial lines clients and 2000+ personal lines clients.
- Market banking services to individuals, as well as to small businesses and corporations through networking and cross-selling.
- Update loan origination systems to ensure that pipeline reports reflect the most current status for active loan in process.
- Work along with the owner and accounting staff on all financial matters, A/R, A/P, payroll, and taxes.
- Develop and execute marketing plan to drive new business, including in-person visits, telemarketing and distribution of marketing materials.
- Review individual mortgage origination/post origination documentation and perform database research.
- File UCC filings on certain customers.
- Complete a comprehensive white paper on earthquake and flood risks in Hawaii.
- Conduct UCC searches on various entities to mitigate risk associate with request lines of credit.
- Analyze and compile documents and information necessary to obtain securities qualification of mortgage bond offering/financing projects.
- Utilize RMS to model catastrophic perils risks for both large and small schedules.
- Resolve customer complaints and concerns with strong verbal and negotiation skills.
- Review individual mortgage origination/post origination documentation and perform database research.
Commercial underwriter skills and personality traits
We calculated that 10% of Commercial Underwriters are proficient in Real Estate, Customer Service, and Financial Analysis. They’re also known for soft skills such as Analytical skills, Math skills, and Detail oriented.
We break down the percentage of Commercial Underwriters that have these skills listed on their resume here:
- Real Estate, 10%
Collected and analyzed financial information and prepared underwriting packages for commercial and commercial real estate loans.
- Customer Service, 8%
Provided excellent customer service to maintain broker relationships and better influence negotiating leverage of coverage terms or pricing.
- Financial Analysis, 8%
Perform historical financial analysis with an emphasis on liquidity, cash flow, profitability, leverage.
- Credit Analysis, 6%
Prepared credit analysis as needed and spread financial statements utilizing Moody's software.
- Cash Flow, 4%
Review balance sheets, income statements, cash flow, projections, budgets and other financial statements for commercial loan applicants.
- Risk Management, 4%
Improved profitability by skillful risk management, minimizing loss while also retaining business.
Most commercial underwriters use their skills in "real estate," "customer service," and "financial analysis" to do their jobs. You can find more detail on essential commercial underwriter responsibilities here:
Analytical skills. One of the key soft skills for a commercial underwriter to have is analytical skills. You can see how this relates to what commercial underwriters do because "underwriters must evaluate information from a variety of sources to balance risk against caution." Additionally, a commercial underwriter resume shows how commercial underwriters use analytical skills: "created excel spreadsheets to manage data and keep track of pricing quotes, sales, and loss ratios. "
Math skills. Another soft skill that's essential for fulfilling commercial underwriter duties is math skills. The role rewards competence in this skill because "underwriters need math knowledge to ensure accuracy in determining the probability of losses and calculating appropriate premiums on an insurance policy." According to a commercial underwriter resume, here's how commercial underwriters can utilize math skills in their job responsibilities: "performed duties of a commercial credit analyst, which involved financial statement and quantitative risk analysis for commercial lending purposes. "
Detail oriented. This is an important skill for commercial underwriters to perform their duties. For an example of how commercial underwriter responsibilities depend on this skill, consider that "underwriters must stay focused when reviewing insurance applications because each item may affect the coverage decision." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a commercial underwriter: "executed management reports including top 25 business auto loss ratio and 5 year detail combo production reports. ".
Interpersonal skills. commercial underwriter responsibilities often require "interpersonal skills." The duties that rely on this skill are shown by the fact that "underwriters need to communicate and relate well with people because much of their work involves dealing with clients or others, such as insurance sales agents." This resume example shows what commercial underwriters do with interpersonal skills on a typical day: "supported key account underwriting goals through thorough analysis and problem solving skills, result- oriented teamwork and effective interpersonal skills. "
The three companies that hire the most commercial underwriters are:
- Bank of America134 commercial underwriters jobs
- The PNC Financial Services Group46 commercial underwriters jobs
- The Independent Traveler28 commercial underwriters jobs
Choose from 10+ customizable commercial underwriter resume templates
Build a professional commercial underwriter resume in minutes. Our AI resume writing assistant will guide you through every step of the process, and you can choose from 10+ resume templates to create your commercial underwriter resume.
Compare different commercial underwriters
Commercial underwriter vs. Bank officer
A bank officer is in charge of overseeing the daily operations at banking establishments, ensuring efficiency and client satisfaction. Their responsibilities include gathering and analyzing requests, approving and denying loan applications, providing consultations, processing client requests, and producing progress reports. There are also instances where they sign important documents, delegate tasks, and resolve issues and concerns. Moreover, as a bank officer, it is essential to lead and encourage staff to reach goals, all while implementing the company's policies and regulations.
These skill sets are where the common ground ends though. The responsibilities of a commercial underwriter are more likely to require skills like "cash flow," "risk management," "credit worthiness," and "underwriting guidelines." On the other hand, a job as a bank officer requires skills like "business development," "bank products," "client relationships," and "loan applications." As you can see, what employees do in each career varies considerably.
Bank officers tend to make the most money working in the finance industry, where they earn an average salary of $69,266. In contrast, commercial underwriters make the biggest average salary, $68,368, in the finance industry.bank officers tend to reach similar levels of education than commercial underwriters. In fact, bank officers are 3.5% more likely to graduate with a Master's Degree and 0.1% less likely to have a Doctoral Degree.Commercial underwriter vs. Mortgage banker
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that commercial underwriter responsibilities requires skills like "real estate," "financial analysis," "cash flow," and "risk management." But a mortgage banker might use other skills in their typical duties, such as, "nmls," "federal regulations," "bank products," and "loan programs."
Mortgage bankers earn similar levels of education than commercial underwriters in general. They're 1.8% less likely to graduate with a Master's Degree and 0.1% more likely to earn a Doctoral Degree.Commercial underwriter vs. Credit officer
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from commercial underwriter resumes include skills like "financial analysis," "financial statements," "loss control," and "underwriting process," whereas a credit officer is more likely to list skills in "credit approval," "portfolio management," "renewable energy," and "loan documentation. "
Credit officers earn the best pay in the finance industry, where they command an average salary of $120,621. Commercial underwriters earn the highest pay from the finance industry, with an average salary of $68,368.When it comes to education, credit officers tend to earn higher degree levels compared to commercial underwriters. In fact, they're 9.1% more likely to earn a Master's Degree, and 0.0% more likely to graduate with a Doctoral Degree.Commercial underwriter vs. Loan officer
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Types of commercial underwriter
Updated January 8, 2025
