What is a Consumer Loan Underwriter

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.

There is more than meets the eye when it comes to being a Consumer Loan Underwriter. For example, did you know that they make an average of $24.12 an hour? That's $50,178 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Consumer Loan Underwriter Do

There are certain skills that many Consumer Loan Underwriters have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Analytical skills, Detail oriented and Interpersonal skills.

Learn more about what a Consumer Loan Underwriter does

How To Become a Consumer Loan Underwriter

If you're interested in becoming a Consumer Loan Underwriter, one of the first things to consider is how much education you need. We've determined that 65.5% of Consumer Loan Underwriters have a bachelor's degree. In terms of higher education levels, we found that 7.0% of Consumer Loan Underwriters have master's degrees. Even though most Consumer Loan Underwriters have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a Consumer Loan Underwriter. When we researched the most common majors for a Consumer Loan Underwriter, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Consumer Loan Underwriter resumes include High School Diploma degrees or Master's Degree degrees.

You may find that experience in other jobs will help you become a Consumer Loan Underwriter. In fact, many Consumer Loan Underwriter jobs require experience in a role such as Underwriter. Meanwhile, many Consumer Loan Underwriters also have previous career experience in roles such as Loan Processor or Senior Underwriter.

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And if you’re looking for a job, here are the five top employers hiring now:

  1. Citigroup Jobs (7)
  2. Farm Credit Mid-america Jobs (6)
  3. JPMorgan Chase & Co. Jobs (29)
  4. Flagstar Bank Jobs (5)
  5. Fifth Third Bank Jobs (11)
Average Salary
$50,178
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
19,831
Job Openings
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Consumer Loan Underwriter Career Paths

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Average Salary for a Consumer Loan Underwriter

Consumer Loan Underwriters in America make an average salary of $50,178 per year or $24 per hour. The top 10 percent makes over $73,000 per year, while the bottom 10 percent under $34,000 per year.
Average Salary
$50,178
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12 Consumer Loan Underwriter Resume Examples

Learn How To Write a Consumer Loan Underwriter Resume

At Zippia, we went through countless Consumer Loan Underwriter resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Consumer Loan Underwriter Resume Examples And Templates

And if you’re looking for a job, here are the five top employers hiring now:

  1. Citigroup Jobs (7)
  2. Farm Credit Mid-america Jobs (6)
  3. JPMorgan Chase & Co. Jobs (29)
  4. Flagstar Bank Jobs (5)
  5. Fifth Third Bank Jobs (11)

Choose From 10+ Customizable Consumer Loan Underwriter Resume templates

Zippia allows you to choose from different easy-to-use Consumer Loan Underwriter templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Consumer Loan Underwriter resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume
Consumer Loan Underwriter Resume

Consumer Loan Underwriter Demographics

Consumer Loan Underwriter Gender Statistics

female

57.4 %

male

42.6 %

Consumer Loan Underwriter Ethnicity Statistics

White

67.8 %

Hispanic or Latino

14.8 %

Black or African American

8.4 %

Consumer Loan Underwriter Foreign Languages Spoken Statistics

Spanish

61.0 %

French

7.0 %

Russian

5.0 %
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Consumer Loan Underwriter Education

Consumer Loan Underwriter Majors

40.9 %
14.5 %

Consumer Loan Underwriter Degrees

Bachelors

65.5 %

Associate

16.7 %

High School Diploma

7.4 %

Top Colleges for Consumer Loan Underwriters

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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Top Skills For a Consumer Loan Underwriter

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 13.9% of Consumer Loan Underwriters listed Credit Reports on their resume, but soft skills such as Analytical skills and Detail oriented are important as well.

Best States For a Consumer Loan Underwriter

Some places are better than others when it comes to starting a career as a Consumer Loan Underwriter. The best states for people in this position are New York, New Jersey, California, and Louisiana. Consumer Loan Underwriters make the most in New York with an average salary of $63,586. Whereas in New Jersey and California, they would average $62,211 and $61,520, respectively. While Consumer Loan Underwriters would only make an average of $58,962 in Louisiana, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. North Carolina

Total Consumer Loan Underwriter Jobs:
533
Highest 10% Earn:
$92,000
Location Quotient:
0.98
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Maine

Total Consumer Loan Underwriter Jobs:
87
Highest 10% Earn:
$75,000
Location Quotient:
1.16
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Wyoming

Total Consumer Loan Underwriter Jobs:
55
Highest 10% Earn:
$69,000
Location Quotient:
1.62
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Consumer Loan Underwriters

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Top Consumer Loan Underwriter Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Consumer Loan Underwriters and discovered their number of Consumer Loan Underwriter opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $49,148. Bank of America follows up with an average salary of $49,052, and then comes JPMorgan Chase & Co. with an average of $57,651. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a Consumer Loan Underwriter. The employers include First Tech Federal Credit Union, Latitude, and Credit Union of Southern California

Most Common Employers For Consumer Loan Underwriter

RankCompanyZippia ScoreAverage Consumer Loan Underwriter SalaryAverage Salary
1$113,776
2$94,270
3$63,877
4$57,651
5$52,308
6$52,133

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