What does a consumer loan underwriter do?
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Consumer loan underwriter responsibilities
Here are examples of responsibilities from real consumer loan underwriter resumes:
- 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.
- Render underwritten decisions and subsequently clear conditions per underwriting policies and procedures, including knowledge of FNMA and FMLMC guidelines.
- Generate and distribute IRB committee meeting minutes in accordance with appropriate federal regulations.
- Conduct file audit of SharePoint deal site at loan closing.
- Audit HUD-1 documents; verify all pricing for closing statements.
- Add appropriate Cpt, ICD-9 and HCPCS according to guidelines.
- Establish and maintain the permanent loan file in SharePoint according to corporate policy.
- Review settlement form (HUD-1) to figure monthly escrow payments and balances.
- Receive, review and complete all disbursements for all SBA loan within all affiliates.
- Work as a file clerk checking the accuracy of home loans from various lenders.
- Perform forensic review on loans for FNMA; generate repurchase letters base on findings of deficiencies.
- Demonstrate experience in underwriting conventional and FHA loans.
Consumer loan underwriter skills and personality traits
We calculated that 12% of Consumer Loan Underwriters are proficient in Financial Statements, Loan Applications, and Strong Analytical. They’re also known for soft skills such as Analytical skills, Detail oriented, and Interpersonal skills.
We break down the percentage of Consumer Loan Underwriters that have these skills listed on their resume here:
- Financial Statements, 12%
Evaluate applications by gathering credit bureau information and reviewing collateral valuations, tax returns, financial statements and other support documentation.
- Loan Applications, 11%
Increased productivity to over 50% year over year by efficiently reviewing the loan applications and identify alternative financial solutions.
- Strong Analytical, 8%
Apply strong analytical and problem solving skills and underwrite loans for optimal risk management.
- Credit Reports, 7%
Analyze credit reports, calculating income, and evaluating residential appraisal reports in context of compliance with underwriting requirements and guidelines.
- Credit Decisions, 6%
Review and explain rationale behind credit decisions to recommend/approve requests within decision authority levels with adherence to quality and compliance policies.
- Compliance Reviews, 4%
Performed compliance reviews and testing on business specific programs and processes to ensure regulatory guidelines were completed.
Common skills that a consumer loan underwriter uses to do their job include "financial statements," "loan applications," and "strong analytical." You can find details on the most important consumer loan underwriter responsibilities below.
Detail oriented. Many consumer loan underwriter duties rely on detail oriented. "information on an application affects the potential profitability of a loan, so loan officers must pay attention to details.," so a consumer loan underwriter will need this skill often in their role. This resume example is just one of many ways consumer loan underwriter responsibilities rely on detail oriented: "perform detailed credit analysis of borrowers. "
Interpersonal skills. Another skill that relates to the job responsibilities of consumer loan underwriters is interpersonal skills. This skill is critical to many everyday consumer loan underwriter duties, as "loan officers must be able to guide customers through the application process and answer their questions." This example from a resume shows how this skill is used: "possess excellent interpersonal, analytical, and organizational skills. "
Initiative. consumer loan underwriter responsibilities often require "initiative." The duties that rely on this skill are shown by the fact that "loan officers may act as salespeople in promoting their lending institution, so they must contact people and businesses to determine their need for a loan." This resume example shows what consumer loan underwriters do with initiative on a typical day: "involved in the nationwide modification initiative that included hamp, fannie mae and mha programs. "
The three companies that hire the most consumer loan underwriters are:
- Citizens Alliance30 consumer loan underwriters jobs
- Ally9 consumer loan underwriters jobs
- Bank of America7 consumer loan underwriters jobs
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Compare different consumer loan underwriters
Consumer loan underwriter vs. Credit officer
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
There are some key differences in the responsibilities of each position. For example, consumer loan underwriter responsibilities require skills like "financial statements," "compliance reviews," "performance feedback," and "business tax returns." Meanwhile a typical credit officer has skills in areas such as "risk management," "real estate," "credit approval," and "portfolio management." This difference in skills reveals the differences in what each career does.
Credit officers really shine in the finance industry with an average salary of $120,621. Comparatively, consumer loan underwriters tend to make the most money in the finance industry with an average salary of $52,472.The education levels that credit officers earn slightly differ from consumer loan underwriters. In particular, credit officers are 11.1% more likely to graduate with a Master's Degree than a consumer loan underwriter. Additionally, they're 0.3% more likely to earn a Doctoral Degree.Consumer loan underwriter vs. Escrow officer
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Each career also uses different skills, according to real consumer loan underwriter resumes. While consumer loan underwriter responsibilities can utilize skills like "financial statements," "loan applications," "strong analytical," and "credit reports," escrow officers use skills like "customer service," "hoa," "title insurance," and "notary."
Escrow officers earn a lower average salary than consumer loan underwriters. But escrow officers earn the highest pay in the finance industry, with an average salary of $56,019. Additionally, consumer loan underwriters earn the highest salaries in the finance with average pay of $52,472 annually.In general, escrow officers achieve similar levels of education than consumer loan underwriters. They're 4.2% less likely to obtain a Master's Degree while being 0.3% more likely to earn a Doctoral Degree.Consumer loan underwriter vs. Bank officer
A bank officer is in charge of overseeing the daily operations at banking establishments, ensuring efficiency and client satisfaction. Their responsibilities include gathering and analyzing requests, approving and denying loan applications, providing consultations, processing client requests, and producing progress reports. There are also instances where they sign important documents, delegate tasks, and resolve issues and concerns. Moreover, as a bank officer, it is essential to lead and encourage staff to reach goals, all while implementing the company's policies and regulations.
The required skills of the two careers differ considerably. For example, consumer loan underwriters are more likely to have skills like "credit decisions," "compliance reviews," "performance feedback," and "business tax returns." But a bank officer is more likely to have skills like "customer service," "real estate," "business development," and "bank products."
Bank officers earn the best pay in the finance industry, where they command an average salary of $69,266. Consumer loan underwriters earn the highest pay from the finance industry, with an average salary of $52,472.Most bank officers achieve a higher degree level compared to consumer loan underwriters. For example, they're 5.5% more likely to graduate with a Master's Degree, and 0.2% more likely to earn a Doctoral Degree.Consumer loan underwriter vs. Mortgage banker
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Types of consumer loan underwriter
Updated January 8, 2025
