How To Become A Consumer Loan Underwriter: What It Is and Career Path

What is a consumer loan underwriter and how to become one

Updated January 8, 2025

3 min read

Consumer loan underwriters are responsible for reviewing applications and determining whether to extend loans to clients or not. They work on files that they prioritize according to various deadlines and use their knowledge to make approval decisions based on creditworthiness and risk. They also suggest alternative loan options or steps that can be used for future approval to people whose loan extension requests were denied.

Consumer loan underwriters earn a median sum of $59,000 annually or $28 per hour. Their duties include spending a large portion of the day communicating with dealers, appraisers, title professionals via email and phone. They also develop and maintain dealer lending account relationships and communicate with them to gather the required information for credit applications. They are usually detail-oriented and possess excellent analytical and interpersonal skills to boot.

Consumer loan underwriters typically hold a bachelor's degree in business, finance, accounting, economics, or other related fields. However, prospective candidates may apply for entry-level positions with a high school diploma or its equivalent. They are expected to have some years of experience in commercial lending and be proficient with Microsoft Word and Excel.

ScoreConsumer Loan UnderwriterUS Average

Salary

4.2

Avg. Salary $53,525

Avg. Salary $59,228

Stability level

7.3

Growth rate 4%

Growth rate 0.3%

Diversity

5.4

Race

American Indian and Alaska Native 0.48%

Asian 6.37%

Black or African American 9.16%

Hispanic or Latino 15.90%

Unknown 4.64%

White 63.46%

Gender

female 57.42%

male 42.58%

Age - 44

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 44

Stress level

7.3

Stress level is high

7.1 - high

Complexity level

8.8

Complexity level is advanced

7 - challenging

Work life balance

5.6

Work life balance is fair

6.4 - fair

Key steps to become a consumer loan underwriter

Explore consumer loan underwriter education requirements

Most common consumer loan underwriter degrees

Bachelor's

65.5 %

Associate

16.7 %

High School Diploma

7.4 %

Start to develop specific consumer loan underwriter skills

Skills	Percentages
Financial Statements	11.82%
Loan Applications	10.68%
Strong Analytical	8.12%
Credit Reports	7.01%
Credit Decisions	6.21%

Complete relevant consumer loan underwriter training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New consumer loan underwriters learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a consumer loan underwriter based on U.S. Bureau of Labor Statistics data and data from real consumer loan underwriter resumes.

Research consumer loan underwriter duties and responsibilities

Ensure proper coding are accomplished by determining the appropriate code in accordance with ICD-9 and CPT guidelines.
Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
Manage a pipeline of fund TRID loans for completeness so they can be deliver and purchase by the required investor.
Manage the organization's HMDA data and accurately complete the government reporting annually.

Prepare your consumer loan underwriter resume

When your background is strong enough, you can start writing your consumer loan underwriter resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a consumer loan underwriter resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose from 10+ customizable consumer loan underwriter resume templates

Build a professional consumer loan underwriter resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your consumer loan underwriter resume.