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Become A Consumer Loan Underwriter

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Working As A Consumer Loan Underwriter

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $51,148

    Average Salary

What Does A Consumer Loan Underwriter Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Consumer Loan Underwriter

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Consumer Loan Underwriter Videos

day in the life of a loan processor

Insurance Underwriter Job Description

A Day In The Life of an Underwriter (Comedy) | TheREsource.tv

Consumer Loan Underwriter Jobs

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Consumer Loan Underwriter Career Paths

Consumer Loan Underwriter
Analyst Underwriter Team Manager
Assistant Vice President Operations
8 Yearsyrs
Senior Loan Processor Service Specialist Personal Banker
Bank Manager
5 Yearsyrs
Relationship Manager Business Development Officer
Business Relationship Manager
9 Yearsyrs
Research Analyst Assistant Vice President Risk Manager
Chief Risk Officer
10 Yearsyrs
Research Analyst Credit Analyst Credit Manager
Credit Director
11 Yearsyrs
Analyst Accounts Receivable Specialist Accounts Receivable Supervisor
Credit Manager
5 Yearsyrs
Assistant Vice President Operations Vice President
Executive Vice President Of Operations
13 Yearsyrs
Relationship Manager Realtor Sales And Leasing Consultant
Finance And Insurance Manager
6 Yearsyrs
Quality Assurance Analyst Account Manager Sales Consultant
Finance/Sales Manager
6 Yearsyrs
Lending Services Manager
7 Yearsyrs
Manager, Assistant Vice President Mortgage Consultant Loss Mitigation Specialist
Loss Control Manager
7 Yearsyrs
Senior Underwriter Underwriting Manager Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Mortgage Underwriter Analyst Program Manager
Portfolio Manager
7 Yearsyrs
Assistant Vice President Finance Consultant Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Lending Services Manager Loan Officer Senior Underwriter
Underwriting Director
9 Yearsyrs
Mortgage Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Senior Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
Quality Assurance Analyst Business Analyst Assistant Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Senior Loan Processor Underwriter Assistant Vice President
Vice President Operation Manager
10 Yearsyrs
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Do you work as a Consumer Loan Underwriter?

Consumer Loan Underwriter Demographics

Gender

Female

58.2%

Male

39.9%

Unknown

1.9%
Ethnicity

White

62.0%

Hispanic or Latino

15.6%

Black or African American

11.4%

Asian

7.2%

Unknown

3.7%
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Foreign Languages Spoken

Spanish

55.4%

French

7.2%

Russian

6.0%

Mandarin

3.6%

Portuguese

3.6%

Chinese

3.6%

Hindi

2.4%

Hebrew

2.4%

Arabic

2.4%

Turkish

1.2%

Marathi

1.2%

Gujarati

1.2%

Somali

1.2%

Korean

1.2%

Ukrainian

1.2%

Cantonese

1.2%

Albanian

1.2%

Greek

1.2%

Tagalog

1.2%

Italian

1.2%
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Consumer Loan Underwriter Education

Schools

University of Phoenix

25.1%

Strayer University

7.6%

Iowa State University

7.6%

Central Piedmont Community College

6.8%

University of North Carolina at Charlotte

5.7%

University of North Carolina at Greensboro

5.3%

University of Minnesota - Twin Cities

4.2%

University of Alabama

3.8%

Arizona State University

3.4%

University of Alabama at Birmingham

3.0%

University of Iowa

3.0%

Southern New Hampshire University

3.0%

University of St. Thomas (Minnesota)

3.0%

Capella University

3.0%

Ashford University

2.7%

University of Maryland - University College

2.7%

Florida State College at Jacksonville

2.7%

College of Southern Nevada

2.7%

Mesa Community College - Boswell

2.3%

University of North Florida

2.3%
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Majors

Business

40.4%

Finance

13.0%

Accounting

8.1%

Psychology

3.7%

Marketing

3.7%

Management

3.6%

Real Estate

3.1%

Communication

2.7%

Criminal Justice

2.6%

Education

2.4%

General Studies

2.2%

Economics

2.2%

Human Resources Management

2.2%

Computer Science

2.0%

Liberal Arts

1.7%

Sociology

1.5%

Political Science

1.3%

General Education, Specific Areas

1.3%

Small Business Management

1.1%

Computer Information Systems

1.1%
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Degrees

Bachelors

45.5%

Other

26.0%

Masters

13.9%

Associate

8.7%

Certificate

3.9%

Diploma

0.7%

Doctorate

0.7%

License

0.6%
Show More

Consumer Loan Underwriter Videos

day in the life of a loan processor

Insurance Underwriter Job Description

A Day In The Life of an Underwriter (Comedy) | TheREsource.tv

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Top Skills for A Consumer Loan Underwriter

  1. Loan Applications
  2. Financial Statements
  3. Income Analysis
You can check out examples of real life uses of top skills on resumes here:
  • Increased productivity to over 50% year over year by efficiently reviewing the loan applications and identify alternative financial solutions.
  • Performed due diligence on companies seeking credit by interviewing business owners, analyzing historical financial statements and creating financial projections.
  • Audited loan files to verify compliance of federal disclosure laws and income analysis accuracy.
  • Determined debt ratios, eligibility, repayment ability, current income, cash flow, interest rate, and loan terms.
  • Reviewed financial statements, credit reports, ratios, evaluated, examined transactions to ensure accuracy and completeness.

How Would You Rate Working As a Consumer Loan Underwriter?

Are you working as a Consumer Loan Underwriter? Help us rate Consumer Loan Underwriter as a Career.

Top Consumer Loan Underwriter Employers

Jobs From Top Consumer Loan Underwriter Employers

Consumer Loan Underwriter Videos

day in the life of a loan processor

Insurance Underwriter Job Description

A Day In The Life of an Underwriter (Comedy) | TheREsource.tv

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