The answer is a resounding YES, but the number of loan officers has probably been cut in half, if not more in the past few years or so. It seems most of the smart money already refinancedor made home purchases before values went up. But there are a number of questions you need to ask yourself before setting out in the mortgage industry as a loan officer. First and foremost, it is not an easy job.
They also oversee other information in the loan application to ensure it is accurate. Loans are the primary source of income for a bank, and ensuring the quality of loans is of the utmost importance.
Underwriters must follow all regulations, from the guidelines of the company and external underwriter to federal regulations for the approval process. They must have strong communication skills to work well with applicants, as well as management skills to ensure that loans are of high quality and helpful for both sides.
The ability to learn quickly is highly beneficial, as well, as technology is constantly changing. Underwriters work primarily inside offices for eight-hour shifts from the bank's opening to closing.
Specific training is necessary to follow federal regulations and understand all credit and loan files, and most companies require this training before applying or will offer it on-the-job. Underwrite, submit, approve or pend coverage amounts and premiums, and present decisions to management.
Monitor existing policies for compliance with company guidelines. Manage underwriting territory and select new business based on analysis of their profitability.
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Pay Difference by Location.Nov 19, · The average salary for an Underwriter is £26, Visit PayScale to research underwriter salaries by city, experience, skill, employer and more.
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