What does an underwriting specialist do?
An underwriting specialist is responsible for reviewing clients' applications in availing financial services and determining their eligibility by analyzing credit scores and risk potential. Underwriting specialists record all necessary information and may ask for additional requirements for further investigation. They assess policy applications and implement terms and conditions upon approval and ensure that the clients understood the process to prevent miscommunication and payment delays. An underwriting specialist must have extensive knowledge of the loan and insurance disciplines to identify coverage and limitations for efficient contract negotiations.
Underwriting specialist responsibilities
Here are examples of responsibilities from real underwriting specialist resumes:
- Risk assessment to achieve profitability on assign book of business through renewal calculations and RFP responses.
- Manage the execution of underwriting, portfolio analysis and account- base decision making in accordance with establish guidelines and processes.
- Work closely with post-closing on VA deficiency response and actions, in addition to HUD & FNMA.
- Analyze risk and apply underwriting guidelines to decision loan applications and grow profitable loan portfolio.
- Underwrite PPO, EPO, HMO, POS and other health benefits.
- Mentore, and utilize strong negotiation skills working with diverse group of associates.
- Develop formal RFP's as a result of partnering with internal business teams as necessary
- Provide the calculation of premium rates, preparation of financial reports and maintenance of internal databases.
- Gain experience in NYC commercial multifamily lease types, and in legal and physical property issues.
- Review state specific workloads to confirm they are within the SLA establish for that particular state.
- Provide feedback to reps through coaching/mentoring sessions for growth and development needs through QC and performance metrics.
- Complete all VA require training including review of loans, and all on-line course study & recently obtain SAR credit approval.
- Leverage negotiation and communication skills to guide account management team across several business segments.
- Review individual mortgage origination/post origination documentation and perform database research.
- Assist the sales department in explaining the rate calculations.
Underwriting specialist skills and personality traits
We calculated that 18% of Underwriting Specialists are proficient in Customer Service, Underwriting Guidelines, and Financial Statements. They’re also known for soft skills such as Analytical skills, Math skills, and Interpersonal skills.
We break down the percentage of Underwriting Specialists that have these skills listed on their resume here:
- Customer Service, 18%
Trained and provided supplementary assistance to automobile sales and customer service associates to facilitate maximum productivity and accuracy.
- Underwriting Guidelines, 9%
Examine documentation to ensure accuracy and compliance with existing underwriting guidelines approved loans with specified limits and recommends various payment structures.
- Financial Statements, 6%
Review financial statements, credit reports, asset documentation and additional supporting documentation to determine qualifying ratios and processing eligibility.
- Underwriting Process, 5%
Mentored new underwriters, responding to questions and providing insights into efficient underwriting processes.
- Life Insurance, 5%
Reviewed and analyzed life insurance policy applications, achieving a track record for state insurance guideline compliance.
- Loss Control, 4%
Examined insurance claims and made loss control recommendations to promote account profitability.
Most underwriting specialists use their skills in "customer service," "underwriting guidelines," and "financial statements" to do their jobs. You can find more detail on essential underwriting specialist responsibilities here:
Analytical skills. To carry out their duties, the most important skill for an underwriting specialist 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." Underwriting specialists often use analytical skills in their day-to-day job, as shown by this real resume: "handled tasks and evaluation of project selection to analyze loss ratio information. "
Math skills. Another essential skill to perform underwriting specialist duties is math skills. Underwriting specialists responsibilities require that "underwriters need math knowledge to ensure accuracy in determining the probability of losses and calculating appropriate premiums on an insurance policy." Underwriting specialists also use math skills in their role according to a real resume snippet: "used extensive quantitative and qualitative skills by reviewing data to make timely and accurate credit decisions while adhering to lending guidelines. "
Interpersonal skills. This is an important skill for underwriting specialists to perform their duties. For an example of how underwriting specialist 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 an underwriting specialist: "cited for excellence in interpersonal communications, teamwork, qc review, flexibility and reliability. ".
Detail oriented. underwriting specialist responsibilities often require "detail oriented." The duties that rely on this skill are shown by the fact that "underwriters must stay focused when reviewing insurance applications because each item may affect the coverage decision." This resume example shows what underwriting specialists do with detail oriented on a typical day: "conducted detailed analyses of financial statements, job schedules and business plans to establish program parameters for surety credit. "
The three companies that hire the most underwriting specialists are:
- Zurich44 underwriting specialists jobs
- GuideOne Insurance25 underwriting specialists jobs
- The Hanover Insurance Group20 underwriting specialists jobs
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Compare different underwriting specialists
Underwriting specialist 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.
While similarities exist, there are also some differences between underwriting specialists and closer. For instance, underwriting specialist responsibilities require skills such as "underwriting guidelines," "financial statements," "underwriting process," and "life insurance." Whereas a closer is skilled in "cleanliness," "punctuality," "dependability," and "food orders." This is part of what separates the two careers.
Closers tend to reach similar levels of education than underwriting specialists. In fact, closers are 2.1% less likely to graduate with a Master's Degree and 0.2% more likely to have a Doctoral Degree.Underwriting specialist 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.
In addition to the difference in salary, there are some other key differences worth noting. For example, underwriting specialist responsibilities are more likely to require skills like "underwriting process," "life insurance," "loss control," and "insurance products." Meanwhile, a mortgage banker has duties that require skills in areas such as "nmls," "federal regulations," "bank products," and "loan programs." These differences highlight just how different the day-to-day in each role looks.
Average education levels between the two professions vary. Mortgage bankers tend to reach similar levels of education than underwriting specialists. In fact, they're 2.1% more likely to graduate with a Master's Degree and 0.2% more likely to earn a Doctoral Degree.Underwriting specialist 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 many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, an underwriting specialist is likely to be skilled in "financial statements," "underwriting process," "life insurance," and "loss control," while a typical credit officer is skilled in "risk management," "credit risk," "credit analysis," and "credit approval."
Credit officers earn the best pay in the finance industry, where they command an average salary of $120,621. Underwriting specialists earn the highest pay from the finance industry, with an average salary of $90,425.credit officers typically earn higher educational levels compared to underwriting specialists. Specifically, they're 13.0% more likely to graduate with a Master's Degree, and 0.2% more likely to earn a Doctoral Degree.Underwriting specialist 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.
Even though a few skill sets overlap between underwriting specialists and bank officers, there are some differences that are important to note. For one, an underwriting specialist might have more use for skills like "underwriting guidelines," "underwriting process," "life insurance," and "loss control." Meanwhile, some responsibilities of bank officers require skills like "business development," "bank products," "client relationships," and "loan portfolio. "
Bank officers enjoy the best pay in the finance industry, with an average salary of $69,266. For comparison, underwriting specialists earn the highest salary in the finance industry.In general, bank officers hold higher degree levels compared to underwriting specialists. Bank officers are 7.4% more likely to earn their Master's Degree and 0.0% more likely to graduate with a Doctoral Degree.Types of underwriting specialist
Updated January 8, 2025
