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Consumer Loan Underwriter Careers

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.

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.

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.

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 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.

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Average Salary
$50,407
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
16,621
Job Openings

Consumer Loan Underwriter Career Paths

Top Careers Before Consumer Loan Underwriter

Top Careers After Consumer Loan Underwriter

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Consumer Loan Underwriter

Consumer Loan Underwriters in America make an average salary of $50,407 per year or $24 per hour. The top 10 percent makes over $72,000 per year, while the bottom 10 percent under $34,000 per year.
Average Salary
$50,407

Best Paying Cities

City
ascdesc
Average Salarydesc
Southington, CT
Salary Range50k - 85k$66k$65,796
Simi Valley, CA
Salary Range44k - 79k$60k$59,702
Raleigh, NC
Salary Range45k - 76k$59k$58,809
Philadelphia, PA
Salary Range43k - 75k$57k$57,234
Columbia, MD
Salary Range43k - 74k$57k$56,715
Tampa, FL
Salary Range42k - 73k$56k$56,235
$29k
$85k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Consumer Loan Funder
Consumer Loan Funder
Kelly
Kelly
03/28/2021
03/28/2021
$41,74003/28/2021
$41,740
Loan Underwriter (SBA)
Loan Underwriter (SBA)
Capitalsource
Capitalsource
03/19/2021
03/19/2021
$56,02503/19/2021
$56,025
Consumer Loan Underwriter 3
Consumer Loan Underwriter 3
Wells Fargo
Wells Fargo
03/18/2021
03/18/2021
$56,80003/18/2021
$56,800
Loan Underwriter (SBA)
Loan Underwriter (SBA)
Pacific Western Bank
Pacific Western Bank
03/15/2021
03/15/2021
$56,02503/15/2021
$56,025
Consumer Loan Sales Special **
Consumer Loan Sales Special **
Onemain Financial
Onemain Financial
01/26/2021
01/26/2021
$52,17501/26/2021
$52,175
See More Recent Salaries

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Consumer Loan Underwriter Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Consumer Loan Underwriter. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

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 best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Detailed Information

Consumer Loan Underwriter Demographics

Gender

female

56.5 %

male

39.7 %

unknown

3.7 %

Ethnicity

White

68.9 %

Hispanic or Latino

13.8 %

Black or African American

8.7 %

Foreign Languages Spoken

Spanish

61.0 %

French

7.0 %

Russian

5.0 %
See More Demographics

Consumer Loan Underwriter Education

Majors

Business
40.3 %
Finance
14.5 %

Degrees

Bachelors

56.7 %

Certificate

14.4 %

Associate

14.4 %

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 • Public

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 • Public

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 • Public

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

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info
Job type you want
Full Time
Part Time
Internship
Temporary

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 Connecticut, New Jersey, New York, and New Hampshire. Consumer loan underwriters make the most in Connecticut with an average salary of $65,946. Whereas in New Jersey and New York, they would average $63,888 and $63,532, respectively. While consumer loan underwriters would only make an average of $62,140 in New Hampshire, 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. Maine

Total Consumer Loan Underwriter Jobs:
87
Highest 10% Earn:
$88,000
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

2. North Carolina

Total Consumer Loan Underwriter Jobs:
533
Highest 10% Earn:
$93,000
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

3. Florida

Total Consumer Loan Underwriter Jobs:
1,148
Highest 10% Earn:
$92,000
Location Quotient:
1.3
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
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Top Consumer Loan Underwriter Employers

1. Wells Fargo
4.7
Avg. Salary: 
$47,010
Consumer Loan Underwriters Hired: 
2,063+
2. Bank of America
4.8
Avg. Salary: 
$46,630
Consumer Loan Underwriters Hired: 
33+
3. JPMorgan Chase
4.9
Avg. Salary: 
$52,160
Consumer Loan Underwriters Hired: 
29+
4. Randstad USA
4.1
Avg. Salary: 
$50,447
Consumer Loan Underwriters Hired: 
28+
5. Robert Half International
4.5
Avg. Salary: 
$51,036
Consumer Loan Underwriters Hired: 
24+
6. HCL America
4.5
Avg. Salary: 
$73,175
Consumer Loan Underwriters Hired: 
15+

Consumer Loan Underwriter Videos

Updated October 2, 2020