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Requirements to Become a Mortgage Underwriter
- Most employers require mortgage underwriters to have at least a bachelor's degree in business, finance or a related field. Recommended coursework includes classes in investment banking, personal finance analysis, portfolio management and financial risk management, according to Education-Portal.com. Some employers will also hire candidates who have an associate's degree in mortgage banking or financial services, which typically takes two years to complete. Mortgage underwriters who work for government agencies, such as the Federal Housing Administration (FHA) or Veteran's Administration (VA), usually need additional education such as a master's degree.
- Mortgage underwriters need a very specific set of skills and personal qualities to qualify for the job. Candidates should have strong communications skills, both oral and written, and be able to understand and use advanced business and financial terms. This career is particularly suited to highly organized, analytical and detail-oriented individuals who understand finances and can make rational, informed decisions based on sets of numbers. Exceptional math and auditing skills are essential. Advanced computer skills, including proficiency with spreadsheet programs, word processing and automated systems used in loan underwriting, are also required. Some employers also require underwriters to speak multiple languages.
- Certain mortgage underwriter positions require professional certification. According to Fin.com, the most in-demand certification these days is for "Direct Endorsement" mortgage underwriters, or DE underwriters. These individuals are qualified to underwrite government loans in addition to conventional loans. DE certification is offered by the Federal Housing Administation. Becoming certified and maintaining certification is not easy, and applicants must submit 15 to 20 test cases and keep up with FHA standards by passing written examinations. DE-qualified underwriters can expect to make between 5% and 10% more than conventional loan underwriters, according to Fin.com.
- Mortgage underwriters who acquire experience working in the industry and broaden their skill set can expect to remain competitive in the job market and advance in this career. Those who wish to go into upper-level management and supervisory positions should pursue a graduate degree in business or a related field. A master's of business administration, or MBA, degree is highly desirable in this career and can lead to advancement.
Formal Education
Skills and Personal Qualities
Certification
Career Advancement
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