A senior underwriter is in charge of evaluating the eligibility of an applicant for loan application processing. For assigning territory, you need to achieve success in meeting and exceeding profitability and production goals. To ensure accuracy and proper recording of mortgages and UCC filings, you are in charge of checking and monitoring every detail. One of the objectives of your job is to meet all relative underwriting and lender guidelines by calculating debt to income ratios, CLTV, and LTV.
In addition, you must be able to determine debt-to-income ratios by using a manual LTV calculator, credit reviews, and manual income calculators. You are to ensure efficiency, teaching, training, and implementation with underwriters on the LIS system. You are in charge of overseeing and reviewing UCC searches, binders, insurance policies, contracts, and title reports. Just a reminder, you need to make use of the VA certificate and DE certificate.
A senior underwriter has to be analytical, have good interpersonal skills, and solve simple math problems. The average salary of a senior underwriter is $81,344 yearly or $39 per hour. The educational requirement of a senior underwriter is a bachelor's degree in a relevant field with years of experience in the insurance industry. Those relevant fields include Finance, Economics, Mathematics, and Accounting.
There is more than meets the eye when it comes to being a senior underwriter. For example, did you know that they make an average of $37.96 an hour? That's $78,960 a year!
Between 2018 and 2028, the career is expected to grow -5% and produce -5,400 job opportunities across the U.S.
There are certain skills that many senior 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, math skills and interpersonal skills.
If you're interested in becoming a senior underwriter, one of the first things to consider is how much education you need. We've determined that 70.5% of senior underwriters have a bachelor's degree. In terms of higher education levels, we found that 8.4% of senior underwriters have master's degrees. Even though most senior 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 senior underwriter. When we researched the most common majors for a senior underwriter, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on senior underwriter resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a senior underwriter. In fact, many senior underwriter jobs require experience in a role such as underwriter. Meanwhile, many senior underwriters also have previous career experience in roles such as mortgage underwriter or senior loan processor.