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 $24.23 an hour? That's $50,407 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
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.
When it comes to the most important skills required to be a consumer loan underwriter, we found that a lot of resumes listed 13.9% of consumer loan underwriters included credit reports, while 10.9% of resumes included financial statements, and 10.0% of resumes included loan applications. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the consumer loan underwriter job title. But what industry to start with? Most consumer loan underwriters actually find jobs in the finance and professional industries.
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 50.8% of consumer loan underwriters have a bachelor's degree. In terms of higher education levels, we found that 12.1% 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 high school diploma degrees. Other degrees that we often see on consumer loan underwriter resumes include associate degree 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.