What does a senior underwriter do?
A senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Senior underwriter responsibilities
Here are examples of responsibilities from real senior underwriter resumes:
- Manage AUS findings and analyze approvals and results accordingly.
- Perform underwriter approval/declines on FHA, VA, FmHA and conventional loan applications providing financing for one-to-four family residential properties.
- Fix and n variable annuities.
- Check for the accuracy and proper recording of UCC filings and mortgages.
- Order and review flood searches, title reports, UCC searches, appraisals, insurance policies and binders, and contracts.
- Review preliminary HUD-1 for accuracy.
- Utilize DE certification, VA certification authority
- Verify HUD-1 settlement statements for completeness and accuracy.
- Perform detail review of appraisal for one-to-four family residential properties to determine acceptability of security for conventional and FHA loans.
- Negotiate repurchase transactions with originators and investors; complete a full review of all applications from origination to final decision.
- Negotiate third party contracts for services and establish investor relationships to ensure new products and competitive pricing options for origination staff.
- Examine transactions to ensure accuracy and completeness within agency and FHA/VA guidelines.
- Research and review file to verify RESPA compliance/regulations have been satisfy.
- Create lending policies and procedures and updating staff with new regulatory guidelines, including new RESPA guidelines.
- Preserve the firms risk exposure by analyzing decisions to approve utilizing leverage, liquidity, DTI, LTV and overall exposure.
Senior underwriter skills and personality traits
We calculated that 11% of Senior Underwriters are proficient in Customer Service, Portfolio, and Underwriting Guidelines. They’re also known for soft skills such as Analytical skills, Math skills, and Interpersonal skills.
We break down the percentage of Senior Underwriters that have these skills listed on their resume here:
- Customer Service, 11%
Possessed superior customer service skills with internal staff and external customers to explain credit decisions and offered alternative options when needed.
- Portfolio, 8%
Leveraged knowledge of credit scoring and layering of risk to create tailored solutions while maintaining portfolio quality and processing productivity.
- Underwriting Guidelines, 5%
Participated in Agent Service Seminars throughout the Southern Region providing detailed information on new or updated underwriting guidelines and state statues.
- Strong Analytical, 4%
Utilized strong analytical skills including financial analysis.
- SR, 4%
Maximized seller quality performance and underwriting performance as a Lead Sr Underwriter.
- Excellent Interpersonal, 4%
Maintain excellent interpersonal relations with Mortgage Counselors.
Most senior underwriters use their skills in "customer service," "portfolio," and "underwriting guidelines" to do their jobs. You can find more detail on essential senior underwriter responsibilities here:
Analytical skills. To carry out their duties, the most important skill for a senior underwriter to have is analytical skills. Their role and responsibilities require that "underwriters must evaluate information from a variety of sources to balance risk against caution." Senior underwriters often use analytical skills in their day-to-day job, as shown by this real resume: "assessed group profitability by loss ratio, demographics, and standard industrial classification to analyze a competitive industry risk. "
Math skills. Many senior underwriter duties rely on math skills. "underwriters need math knowledge to ensure accuracy in determining the probability of losses and calculating appropriate premiums on an insurance policy.," so a senior underwriter will need this skill often in their role. This resume example is just one of many ways senior underwriter responsibilities rely on math skills: "maintain quantitative predictive risk rating model and implement standardized obligor underwriting guidelines. "
Interpersonal skills. This is an important skill for senior underwriters to perform their duties. For an example of how senior underwriter responsibilities depend on this skill, consider that "underwriters need to communicate and relate well with people because much of their work involves dealing with clients or others, such as insurance sales agents." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a senior underwriter: "provided excellent verbal and written communication and interpersonal skills as well as the ability to deliver superior customer service. ".
Detail oriented. For certain senior underwriter responsibilities to be completed, the job requires competence in "detail oriented." The day-to-day duties of a senior underwriter rely on this skill, as "underwriters must stay focused when reviewing insurance applications because each item may affect the coverage decision." For example, this snippet was taken directly from a resume about how this skill applies to what senior underwriters do: "perform detailed credit analysis on prospective bowers submitted by dealer clients. "
The three companies that hire the most senior underwriters are:
- Chubb81 senior underwriters jobs
- Zurich80 senior underwriters jobs
- Bank of America78 senior underwriters jobs
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Compare different senior underwriters
Senior underwriter vs. Loan administrator
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
There are some key differences in the responsibilities of each position. For example, senior underwriter responsibilities require skills like "portfolio," "underwriting guidelines," "strong analytical," and "sr." Meanwhile a typical loan administrator has skills in areas such as "data entry," "loan administration," "loan processing," and "loan portfolio." This difference in skills reveals the differences in what each career does.
Loan administrators really shine in the finance industry with an average salary of $48,093. Comparatively, senior underwriters tend to make the most money in the insurance industry with an average salary of $77,893.The education levels that loan administrators earn slightly differ from senior underwriters. In particular, loan administrators are 1.4% less likely to graduate with a Master's Degree than a senior underwriter. Additionally, they're 0.4% less likely to earn a Doctoral Degree.Senior underwriter vs. Loan originator
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
In addition to the difference in salary, there are some other key differences worth noting. For example, senior underwriter responsibilities are more likely to require skills like "portfolio," "strong analytical," "sr," and "renewal business." Meanwhile, a loan originator has duties that require skills in areas such as "phone calls," "nmls," "financial data," and "financial services." These differences highlight just how different the day-to-day in each role looks.
On average, loan originators earn a lower salary than senior underwriters. Some industries support higher salaries in each profession. Interestingly enough, loan originators earn the most pay in the transportation industry with an average salary of $46,524. Whereas senior underwriters have higher pay in the insurance industry, with an average salary of $77,893.loan originators earn similar levels of education than senior underwriters in general. They're 2.1% less likely to graduate with a Master's Degree and 0.4% less likely to earn a Doctoral Degree.Senior underwriter vs. Closer
The duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions. A closer must also monitor the regular payments of clients to ensure their compliance with the agreement, answer any inquiries, perform follow-up calls, and address any issues or concerns, resolving them promptly and efficiently.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a senior underwriter is likely to be skilled in "portfolio," "underwriting guidelines," "strong analytical," and "sr," while a typical closer is skilled in "cleanliness," "punctuality," "dependability," and "food orders."
Closers typically earn lower educational levels compared to senior underwriters. Specifically, they're 5.4% less likely to graduate with a Master's Degree, and 0.2% less likely to earn a Doctoral Degree.Senior 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.
Types of senior underwriter
Updated January 8, 2025
