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.

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Consumer Loan Underwriter Responsibilities

Here are examples of responsibilities from real consumer loan underwriter resumes representing typical tasks they are likely to perform in their roles.

  • 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 Job Description

Perhaps the hardest question to answer when deciding on a career as a consumer loan underwriter is "should I become a consumer loan underwriter?" You might find this info to be helpful. When compared to other jobs, consumer loan underwriter careers are projected to have a growth rate described as "faster than average" at 8% from 2018 through 2028. This is in accordance with the Bureau of Labor Statistics. What's more, is that the projected number of opportunities that are predicted to become available for a consumer loan underwriter by 2028 is 24,300.

A consumer loan underwriter annual salary averages $53,525, which breaks down to $25.73 an hour. However, consumer loan underwriters can earn anywhere from upwards of $37,000 to $76,000 a year. This means that the top-earning consumer loan underwriters make $39,000 more than the lowest-earning ones.

It's hard work to become a consumer loan underwriter, but even the most dedicated employees consider switching careers from time to time. Whether you're interested in a more challenging position or just looking for a fresh start, we've compiled extensive information on becoming a credit officer, escrow officer, bank officer, and mortgage banker.

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12 Consumer Loan Underwriter Resume Examples

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.

Choose From 10+ Customizable Consumer Loan Underwriter Resume templates

Build a professional Consumer Loan Underwriter resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Consumer Loan Underwriter resume.

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Consumer Loan Underwriter Resume

Some of the skills we found on consumer loan underwriter resumes included "financial statements," "loan applications," and "strong analytical." We have detailed the most important consumer loan underwriter responsibilities below.

  • While it may not be the most important skill, we found that many consumer loan underwriter duties rely on detail oriented. This example from a consumer loan underwriter explains why: "each piece of information on an application can have a major effect on the profitability of a loan, so loan officers must pay attention to detail." This resume example is just one of many ways consumer loan underwriters are able to utilize detail oriented: "perform detailed credit analysis of borrowers. "
  • Another skill that is quite popular among consumer loan underwriters is interpersonal skills. This skill is very critical to fulfilling every day responsibilities as is shown in this example from a consumer loan underwriter resume: "because loan officers work with people, they 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. "
  • A consumer loan underwriter responsibilities sometimes require "initiative." The responsibilities that rely on this skills are shown by this resume excerpt: "loan officers need to seek out new clients" This resume example shows how this skill is used by consumer loan underwriters: "involved in the nationwide modification initiative that included hamp, fannie mae and mha programs. "
  • See the full list of consumer loan underwriter skills.

    We've found that 65.5% of consumer loan underwriters have earned a bachelor's degree. Furthermore, 7.0% earned their master's degrees before becoming a consumer loan underwriter. While it's true that most consumer loan underwriters have a college degree, it's generally possible to become one with only a high school degree. In fact, one out of every seven consumer loan underwriters did not spend the extra money to attend college.

    The consumer loan underwriters who went onto college to earn a more in-depth education generally studied business and finance, while a small population of consumer loan underwriters studied accounting and psychology.

    When you're ready to become a consumer loan underwriter, you might wonder which companies hire consumer loan underwriters. According to our research through consumer loan underwriter resumes, consumer loan underwriters are mostly hired by Citizens Alliance, Ally, and Bank of America. Now is a good time to apply as Citizens Alliance has 30 consumer loan underwriters job openings, and there are 9 at Ally and 7 at Bank of America.

    If you're interested in companies where consumer loan underwriters make the most money, you'll want to apply for positions at Marcus & Millichap, Coasthills Credit Union, and Freedom Financial Network. We found that at Marcus & Millichap, the average consumer loan underwriter salary is $89,350. Whereas at Coasthills Credit Union, consumer loan underwriters earn roughly $59,235. And at Freedom Financial Network, they make an average salary of $58,139.

    View more details on consumer loan underwriter salaries across the United States.

    If you earned a degree from the top 100 educational institutions in the United States, you might want to take a look at Wells Fargo, Bank of America, and JPMorgan Chase & Co. These three companies have hired a significant number of consumer loan underwriters from these institutions.

    The three companies that hire the most prestigious consumer loan underwriters are:

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    What Credit Officers Do

    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.

    In this section, we compare the average consumer loan underwriter annual salary with that of a credit officer. Typically, credit officers earn a $75,953 higher salary than consumer loan underwriters earn annually.

    While the salaries between these two careers can be different, they do share some of the same responsibilities. Employees in both consumer loan underwriters and credit officers positions are skilled in loan applications, strong analytical, and credit reports.

    There are some key differences in responsibilities as well. For example, a 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 how truly different these two careers really are.

    Credit officers really shine in the finance industry with an average salary of $120,621. Whereas 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 is a bit different than that of 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.

    What Are The Duties Of an 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.

    Now we're going to look at the escrow officer profession. On average, escrow officers earn a $3,255 lower salary than consumer loan underwriters a year.

    Not everything about these jobs is different. Take their skills, for example. Consumer loan underwriters and escrow officers both include similar skills like "fha," "fannie mae," and "title reports" on their resumes.

    But both careers also use 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," some escrow officers use skills like "customer service," "hoa," "title insurance," and "notary."

    It's been discovered that escrow officers earn lower salaries compared to consumer loan underwriters, but we wanted to find out where escrow officers earned the most pay. The answer? The finance industry. The average salary in the industry is $56,019. Additionally, consumer loan underwriters earn the highest paychecks in the finance with an average salary of $52,472.

    In general, escrow officers study at 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.

    How a Bank Officer Compares

    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 bank officer profession generally makes a higher amount of money when compared to the average salary of consumer loan underwriters. The difference in salaries is bank officers making $26,037 higher than consumer loan underwriters.

    Using consumer loan underwriters and bank officers resumes, we found that both professions have similar skills such as "financial statements," "loan applications," and "strong analytical," but the other skills required are very different.

    As mentioned, these two careers differ between other skills that are required for performing the work exceedingly well. For example, gathering from consumer loan underwriters resumes, they are more likely to have skills like "credit decisions," "compliance reviews," "performance feedback," and "business tax returns." But a bank officer might have skills like "customer service," "real estate," "business development," and "bank products."

    Interestingly enough, bank officers earn the most pay in the finance industry, where they command an average salary of $69,266. As mentioned previously, consumer loan underwriters highest annual salary comes from the finance industry with an average salary of $52,472.

    Bank officers typically study at higher levels compared with 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.

    Description Of a 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.

    The fourth career we look at typically earns lower pay than consumer loan underwriters. On average, mortgage bankers earn a difference of $26,194 lower per year.

    According to resumes from both consumer loan underwriters and mortgage bankers, some of the skills necessary to complete the responsibilities of each role are similar. These skills include "financial statements," "credit reports," and "origination. "

    Each job requires different skills like "loan applications," "strong analytical," "credit decisions," and "compliance reviews," which might show up on a consumer loan underwriter resume. Whereas mortgage banker might include skills like "customer service," "nmls," "bank products," and "loan programs."

    In general, mortgage bankers reach similar levels of education when compared to consumer loan underwriters resumes. Mortgage bankers are 0.2% more likely to earn their Master's Degree and 0.4% more likely to graduate with a Doctoral Degree.