National Association of Mortgage Underwriters® – Mortgage Underwriter Certification, Training Classes, mortgage underwriter jobs.#Mortgage #underwriter


National Association of Mortgage Underwriters®

Mortgage underwriter jobs

Invest in Yourself

Meet Our Newest Certificants.

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

This Week’s Free Mortgage Training Videos.

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Featured Op-Ed Articles.

Mortgage underwriter jobs

Written By: Joel Palmer, Op-Ed Writer

As 2017 winds down, officials at Fannie Mae may not be able to look forward to reform measures anytime soon but the government-sponsored enterprise (GSE) appears to have a bright feature after a busy year of initiatives.

Mortgage underwriter jobs

Written By: Joel Palmer, Op-Ed Writer

Four months after it was introduced, legislation that would amend the Home Mortgage Disclosure Act (HMDA) passed out of the House Financial Services Committee.

Mortgage underwriter jobs

Written By: Joel Palmer, Op-Ed Writer

Last year, the Federal Housing Finance Agency (FHFA) issued the Duty to Serve Underserved Markets Rule, a requirement of the Housing and Economic Recovery Act of 2008.

Mortgage underwriter jobs

SoliD EDUCATION

Find out about our approach to comprehensive “professional development” mortgage education. From online mortgage underwriter training classes, to comprehensive mortgage underwriting webinars, to thought-leader certifications, NAMU® has the right mortgage training solution for you.

GReat BENEFITS

Ready to take your mortgage underwriting career to the next level? Register today, and start networking with other like-minded mortgage underwriters. And as an NAMU® certificant, you’ll get access to our LinkedIn.com discussion group, premium exposure within our online directory and more.

NAMU In The News.

Mortgage underwriter jobs

At NAMU® we are always striving to improve and enhance our mortgage underwriter training curriculum, “professional development” certification programs, product offerings, member benefits and more. We also work hard to offer new exciting products/services that can help benefit members and non-members alike.

Mortgage underwriter jobs

Covering the mortgage-lending industry since 1985, Scotsman Guide Media publishes the separate, monthly Scotsman Guide Commercial Edition and Scotsman Guide Residential Edition.

Learn How to Become a Certified Mortgage Underwriter Today

As the voice of today’s mortgage underwriter, the National Association of Mortgage Underwriters® (NAMU®) offers a variety of “professional development” mortgage underwriting training webinars, certification programs, mortgage underwriter job postings, job search resources, and more. Get certified as a mortgage underwriter today, and let us help you land that right mortgage underwriting job.

Recent Underwriter Job Openings

Today’s NAMU Tweets.

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Need a Contract Mortgage Processor?

In partnership with our sister organization, the National Association of Mortgage Processors ® (NAMP ® ), we now offer an online directory of contract processors (www.ContractProcessor.org) as a cost-effective way for contract mortgage processors to advertise their services; at the same time, allow mortgage brokers/lenders an easy way to locate qualified contract processors.

Use our advanced search tools to find contract processors by specialty or location. Find the right contract processor for your needs by comparing quotes, reviews, and full profiles on each contract processor.

After searching for contract processors, compare details from their listings. It’s easy to search and find the contract processors that you need. Read details and learn more about them.

– Contact Contract Processors Directly

Once you find the contract processors that you like, contact them to get more information. Feel free to contact multiple contract processors to get more responses and ensure you get the best results!


Fannie Mae Eases Credit To Aid Mortgage Lending, mortgage underwriter jobs.#Mortgage #underwriter #jobs


The New York Times

September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans.

”Fannie Mae has expanded home ownership for millions of families in the 1990’s by reducing down payment requirements,” said Franklin D. Raines, Fannie Mae’s chairman and chief executive officer. ”Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.”

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”

Under Fannie Mae’s pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 — a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

Fannie Mae, the nation’s biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.

Home ownership has, in fact, exploded among minorities during the economic boom of the 1990’s. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University’s Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.

In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.

Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.


What Does a Mortgage Loan Processor Do, mortgage underwriter jobs.#Mortgage #underwriter #jobs


National Association of Mortgage Processors®

Written By: Stacey Sprain, NAMP®-CALP

Mortgage Loan Processor Job Description: The primary function of the Loan Processor is to ensure the timely and accurate packaging of all loans originated by our loan officers. Responsibilities include: Gather information and take each file from pre-approval to closing. Input proper loan information into the system for processing. Responsible for ensuring that all loan documentation is complete accurate verified and complies with company policy. Verify loan documents including income credit appraisal and title insurance ultimately preparing application for submittal to underwriting. Review file documentation and make sure all items needed are requested. Order and coordinate loan documents. Meet crucial deadlines requested. Perform any additional duties/activities assigned by management.

Mortgage loan application consists of various steps that also include mortgage loan processing.

The major steps involved in getting a mortgage loan are as follows:

– Mortgage loan Pre-Qualification

– Application for the mortgage loan by the mortgage borrower

Mortgage loan processing and verification activities:

– Lender and mortgage insurance underwriting

– Closing of the mortgage loan that follows the Pre-closing

Mortgage loan processing is the most important step in the mortgage loan approval process that decides whether or not the mortgage loan will be approved.

Generally mortgage loan processing could take place within five to twenty days from the date of application of the mortgage loan.

The person who does the mortgage loan processing is known as a mortgage loan processor.

Mortgage loan processor is a person who actually does the mortgage processing activities.

The mortgage loan processor does the job of reviewing the credit reports of the mortgage buyer along with verifying the borrower’s credit history in terms of debts and payments. In case he finds a bad credit history such as late payments, bankruptcy etc he sends a notification to the borrower requesting for a written application. In addition to this the mortgage processor also checks appraisal and property issues requiring further justifications.

In general the contract mortgage processor training checks and verifies the entire package as given by the lender.


National Association of Mortgage Underwriters® – Mortgage Underwriter Certification, Training Classes, mortgage underwriter jobs.#Mortgage #underwriter


National Association of Mortgage Underwriters®

Mortgage underwriter jobs

Invest in Yourself

Meet Our Newest Certificants.

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

This Week’s Free Mortgage Training Videos.

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Featured Op-Ed Articles.

Mortgage underwriter jobs

Written By: Joel Palmer, Op-Ed Writer

As 2017 winds down, officials at Fannie Mae may not be able to look forward to reform measures anytime soon but the government-sponsored enterprise (GSE) appears to have a bright feature after a busy year of initiatives.

Mortgage underwriter jobs

Written By: Joel Palmer, Op-Ed Writer

Four months after it was introduced, legislation that would amend the Home Mortgage Disclosure Act (HMDA) passed out of the House Financial Services Committee.

Mortgage underwriter jobs

Written By: Joel Palmer, Op-Ed Writer

Last year, the Federal Housing Finance Agency (FHFA) issued the Duty to Serve Underserved Markets Rule, a requirement of the Housing and Economic Recovery Act of 2008.

Mortgage underwriter jobs

SoliD EDUCATION

Find out about our approach to comprehensive “professional development” mortgage education. From online mortgage underwriter training classes, to comprehensive mortgage underwriting webinars, to thought-leader certifications, NAMU® has the right mortgage training solution for you.

GReat BENEFITS

Ready to take your mortgage underwriting career to the next level? Register today, and start networking with other like-minded mortgage underwriters. And as an NAMU® certificant, you’ll get access to our LinkedIn.com discussion group, premium exposure within our online directory and more.

NAMU In The News.

Mortgage underwriter jobs

At NAMU® we are always striving to improve and enhance our mortgage underwriter training curriculum, “professional development” certification programs, product offerings, member benefits and more. We also work hard to offer new exciting products/services that can help benefit members and non-members alike.

Mortgage underwriter jobs

Covering the mortgage-lending industry since 1985, Scotsman Guide Media publishes the separate, monthly Scotsman Guide Commercial Edition and Scotsman Guide Residential Edition.

Learn How to Become a Certified Mortgage Underwriter Today

As the voice of today’s mortgage underwriter, the National Association of Mortgage Underwriters® (NAMU®) offers a variety of “professional development” mortgage underwriting training webinars, certification programs, mortgage underwriter job postings, job search resources, and more. Get certified as a mortgage underwriter today, and let us help you land that right mortgage underwriting job.

Recent Underwriter Job Openings

Today’s NAMU Tweets.

Mortgage underwriter jobs

Mortgage underwriter jobs

Mortgage underwriter jobs

Need a Contract Mortgage Processor?

In partnership with our sister organization, the National Association of Mortgage Processors ® (NAMP ® ), we now offer an online directory of contract processors (www.ContractProcessor.org) as a cost-effective way for contract mortgage processors to advertise their services; at the same time, allow mortgage brokers/lenders an easy way to locate qualified contract processors.

Use our advanced search tools to find contract processors by specialty or location. Find the right contract processor for your needs by comparing quotes, reviews, and full profiles on each contract processor.

After searching for contract processors, compare details from their listings. It’s easy to search and find the contract processors that you need. Read details and learn more about them.

– Contact Contract Processors Directly

Once you find the contract processors that you like, contact them to get more information. Feel free to contact multiple contract processors to get more responses and ensure you get the best results!


What Does a Mortgage Loan Processor Do, mortgage underwriter jobs.#Mortgage #underwriter #jobs


National Association of Mortgage Processors®

Written By: Stacey Sprain, NAMP®-CALP

Mortgage Loan Processor Job Description: The primary function of the Loan Processor is to ensure the timely and accurate packaging of all loans originated by our loan officers. Responsibilities include: Gather information and take each file from pre-approval to closing. Input proper loan information into the system for processing. Responsible for ensuring that all loan documentation is complete accurate verified and complies with company policy. Verify loan documents including income credit appraisal and title insurance ultimately preparing application for submittal to underwriting. Review file documentation and make sure all items needed are requested. Order and coordinate loan documents. Meet crucial deadlines requested. Perform any additional duties/activities assigned by management.

Mortgage loan application consists of various steps that also include mortgage loan processing.

The major steps involved in getting a mortgage loan are as follows:

– Mortgage loan Pre-Qualification

– Application for the mortgage loan by the mortgage borrower

Mortgage loan processing and verification activities:

– Lender and mortgage insurance underwriting

– Closing of the mortgage loan that follows the Pre-closing

Mortgage loan processing is the most important step in the mortgage loan approval process that decides whether or not the mortgage loan will be approved.

Generally mortgage loan processing could take place within five to twenty days from the date of application of the mortgage loan.

The person who does the mortgage loan processing is known as a mortgage loan processor.

Mortgage loan processor is a person who actually does the mortgage processing activities.

The mortgage loan processor does the job of reviewing the credit reports of the mortgage buyer along with verifying the borrower’s credit history in terms of debts and payments. In case he finds a bad credit history such as late payments, bankruptcy etc he sends a notification to the borrower requesting for a written application. In addition to this the mortgage processor also checks appraisal and property issues requiring further justifications.

In general the contract mortgage processor training checks and verifies the entire package as given by the lender.


Underwriter Sample Resume, mortgage underwriter jobs.#Mortgage #underwriter #jobs


Underwriter Sample Resume

1234 Princeton Drive

Las Vegas, Nevada 89000

Be an underwriter with expertise in multiple specializations upholding performance standards and reporting and review processes to ensure compliance with all financial reporting

More than 6 years of underwriting experience with Full Conventional and Government Underwriting designations and a complete understanding of legal, regulatory, economic, competitive and technological environments which potentially affect Real Estate Lending programs.

UNLV, Las Vegas, NV

  • Bachelor of Science in Accounting (May 1996)
  • Minor in Finance

Work Experience

Underwriter II: March 2003 – Present, Newberry Financial, Las Vegas, NV

  • Review, examine and underwrite loans to ensure soundness, business value and compliance with company and investor standards.
  • Determine and document loan conditions and communicate requirements and/or decisions.
  • Review detailed historical and projected financial analysis utilizing tax returns and financial statements.
  • Independently conduct full and comprehensive evaluations of a variety of complex, high-risk mortgage loan applications.
  • Review and analyze special conditions, loan deficiencies and exception requests to determine appropriate courses of action.
  • Manage the on-site process of buying and selling non or under-performing loan portfolios.
  • Serve as a project leader on special assignments.

Underwriter I: May 2000 – March 2003, Newberry Financial, Reno, NV

  • Assessed loan attributes and documentation for soundness and accuracy.
  • Determined appropriate recommendations subject to management and underwriting guidelines.
  • Reviewed, evaluated and synthesized data to ascertain loan viability and identify risk issues and potential fraud.
  • Independently performed financial analysis on borrowers.
  • Assisted in identifying, recommending and negotiating alternative loan requirements, funding loan-structuring solutions.
  • Prepared historical and sensitivity analysis of real estate projects, as appropriate.
  • Maintained current knowledge of market conditions and company lending guidelines.

Underwriter: May 1996 – April 2000, Harrison Lending Services, Miami, FL

  • Evaluated debt ratio, loan-to-value ratios, credit score, property valuation and various other factors.
  • Identified and recommended alternatives regarding loan-structuring and financing solutions.
  • Provided customer service to prospective and existing borrowers keeping the customer informed of loan status.
  • Assessed program effectiveness and, as appropriate, made recommendations for improvement.
  • Prepared and maintained files on all vendors and approved appraisers and brokers.

References: Furnished upon request.


Fannie Mae Eases Credit To Aid Mortgage Lending, mortgage underwriter jobs.#Mortgage #underwriter #jobs


The New York Times

September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans.

”Fannie Mae has expanded home ownership for millions of families in the 1990’s by reducing down payment requirements,” said Franklin D. Raines, Fannie Mae’s chairman and chief executive officer. ”Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.”

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”

Under Fannie Mae’s pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 — a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

Fannie Mae, the nation’s biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.

Home ownership has, in fact, exploded among minorities during the economic boom of the 1990’s. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University’s Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.

In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.

Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.


Mortgage Underwriter Career Info and Education Requirements, mortgage underwriter jobs.#Mortgage #underwriter #jobs


Mortgage Underwriter Career Info and Education Requirements

Learn about the education and preparation needed to become a mortgage underwriter. Get a quick view of the requirements as well as details about schooling and job duties to find out if this is the career for you.

Mortgage underwriters are a type of loan officer responsible for evaluating creditworthiness. Licensing, a bachelor’s degree and related experience are often required.

Essential Information

A mortgage underwriter is a finance professional who determines if a home buyer qualifies for a loan from a bank or another financial institution. Some job duties include checking an applicant’s credit history, verifying supporting documents and ensuring that the applicant’s information is accurate. Mortgage underwriters often begin their education with a bachelor’s degree in business, finance or a related area, but other means of advancement are available. Some professionals without formal education advance to the position from an entry-level job in loan processing, while others earn certification or complete on-the-job training to become prepared for the career.

Source: *U.S. Bureau of Labor Statistics

Career Information for Mortgage Underwriters

Mortgage underwriters give the final approval for prospective home owners to obtain a home loan. There are several factors that a mortgage underwriter must consider before granting approval, such as the buyers credit history, credit score and income, as well as the balance of the loan and down payment. A mortgage underwriter also verifies loan applications and supporting documents, including pay stubs and bank statements. If a mortgage underwriter does not have the correct documents or discovers something is missing, he or she is responsible for contacting the buyer for the correct information.

Mortgage underwriters work at various financial establishments, including banks, credit unions and mortgage companies. Depending on the market and the financial institution he or she works for, a mortgage underwriter may be required to have knowledge of alternative loan options, such as FHA loans.

Find schools that offer these popular programs

  • Banking Related Services
  • Credit Management
  • Financial Mgmt Services
  • Financial Planning Services
  • International Finance
  • Investments and Securities
  • Public Finance Mgmt

Education and Training Requirements

Although some individuals may begin a career as a mortgage underwriter without a formal education, many companies prefer to hire individuals with a 4-year degree. Business, finance or management majors are good choices for a career as a mortgage underwriter. Accounting skills are often transferable to mortgage underwriting from other areas as well.

Coursework

Education programs for a mortgage underwriter cover topics in business, finance and math. Typical coursework for a mortgage underwriter might include the following:

  • Information systems
  • Finance and accounting fundamentals
  • Accounting management
  • Business law
  • Statistics
  • Accounting
  • Market and economic research
  • Business management strategies

Training Requirements

An individual who does not have a degree can work toward a position as a mortgage underwriter by starting out as a loan processor or junior underwriter with a bank or loan company. Earning an underwriting certification is another way to start a career as a mortgage underwriter. Once hired, a company often sends new mortgage underwriters through a training session to become familiar with the processes and procedures at that company.

Mortgage underwriters determine whether applicants qualify for loans. Job requirements often include licensing, a bachelor’s degree and related experience. Once hired, mortgage underwriters receive on-the-job training.


Mortgage Underwriter Career Info and Education Requirements, mortgage underwriter jobs.#Mortgage #underwriter #jobs


Mortgage Underwriter Career Info and Education Requirements

Learn about the education and preparation needed to become a mortgage underwriter. Get a quick view of the requirements as well as details about schooling and job duties to find out if this is the career for you.

Mortgage underwriters are a type of loan officer responsible for evaluating creditworthiness. Licensing, a bachelor’s degree and related experience are often required.

Essential Information

A mortgage underwriter is a finance professional who determines if a home buyer qualifies for a loan from a bank or another financial institution. Some job duties include checking an applicant’s credit history, verifying supporting documents and ensuring that the applicant’s information is accurate. Mortgage underwriters often begin their education with a bachelor’s degree in business, finance or a related area, but other means of advancement are available. Some professionals without formal education advance to the position from an entry-level job in loan processing, while others earn certification or complete on-the-job training to become prepared for the career.

Source: *U.S. Bureau of Labor Statistics

Career Information for Mortgage Underwriters

Mortgage underwriters give the final approval for prospective home owners to obtain a home loan. There are several factors that a mortgage underwriter must consider before granting approval, such as the buyers credit history, credit score and income, as well as the balance of the loan and down payment. A mortgage underwriter also verifies loan applications and supporting documents, including pay stubs and bank statements. If a mortgage underwriter does not have the correct documents or discovers something is missing, he or she is responsible for contacting the buyer for the correct information.

Mortgage underwriters work at various financial establishments, including banks, credit unions and mortgage companies. Depending on the market and the financial institution he or she works for, a mortgage underwriter may be required to have knowledge of alternative loan options, such as FHA loans.

Find schools that offer these popular programs

  • Banking Related Services
  • Credit Management
  • Financial Mgmt Services
  • Financial Planning Services
  • International Finance
  • Investments and Securities
  • Public Finance Mgmt

Education and Training Requirements

Although some individuals may begin a career as a mortgage underwriter without a formal education, many companies prefer to hire individuals with a 4-year degree. Business, finance or management majors are good choices for a career as a mortgage underwriter. Accounting skills are often transferable to mortgage underwriting from other areas as well.

Coursework

Education programs for a mortgage underwriter cover topics in business, finance and math. Typical coursework for a mortgage underwriter might include the following:

  • Information systems
  • Finance and accounting fundamentals
  • Accounting management
  • Business law
  • Statistics
  • Accounting
  • Market and economic research
  • Business management strategies

Training Requirements

An individual who does not have a degree can work toward a position as a mortgage underwriter by starting out as a loan processor or junior underwriter with a bank or loan company. Earning an underwriting certification is another way to start a career as a mortgage underwriter. Once hired, a company often sends new mortgage underwriters through a training session to become familiar with the processes and procedures at that company.

Mortgage underwriters determine whether applicants qualify for loans. Job requirements often include licensing, a bachelor’s degree and related experience. Once hired, mortgage underwriters receive on-the-job training.


Mortgage Lending Criteria – Platform Home Loans, mortgage underwriter jobs.#Mortgage #underwriter #jobs


Platform Home Loans

Mortgage is Portable

This mortgage is portable which means that if you move house you can transfer your mortgage to another property, subject to terms and conditions which are available on request and will be contained in any mortgage offer.

If BBR falls below 0.50% the initial/reversionary rate will be charged at 0.50% + product rate loading.

Interest only will no longer be available on non-advised residential mortgages.

ONLINE SUBMISSION ONLY – applications must be submitted to Platform online via their click system. You can track all of your Platform applications online using clicktrack – new application tracking system.

Applications where the applicant wishes to retain an existing mortgage/s on the former marital home, rent out the property, or owns a 2nd home will be considered. Please refer to Lender.

– Audit valuations no longer required on family purchases

– Audit valuation no longer required on purchases at undervalue

– Restricted to 75% LTV

– Only accepted on family purchase (no longer accepted on bulk purchases or corporate landlord purchases

You will get the benefit of any overpayment as soon as the funds have cleared. Any overpayments will reduce the outstanding balance, once the funds have cleared, and therefore the amount on which interest is calculated.

If we agree additional borrowing, it will be charged at the interest rate applicable at the time.

ANY BORROWING YOU TAKE UP WILL INCREASE THE AMOUNT OF BORROWING SECURED ON YOUR HOME.

Capital Rest Period : Daily

Repayment Types

Endowment 75% LTV

Interest only (no RV) No

With Profits 75% LTV

Unit Linked 75% LTV

Split Repayment No

Arrangement : varies Can be Added

upto Ј75,000 – Ј105

upto Ј100,000 – Ј115

upto Ј150,000 – Ј135

upto Ј200,000 – Ј165

upto Ј250,000 – Ј200

upto Ј300,000 – Ј225

upto Ј350,000 – Ј255

upto Ј400,000 – Ј295

upto Ј500,000 – Ј355

upto Ј600,000 – Ј420

upto Ј700,000 – Ј490

upto Ј800,000 – Ј540

upto Ј900,000 – Ј600

upto Ј1,000,000 – Ј670

upto Ј1,500,000 – Ј970

upto Ј100,000 – Ј220

upto Ј150,000 – Ј230

upto Ј200,000 – Ј235

upto Ј250,000 – Ј250

upto Ј300,000 – Ј300

upto Ј500,000 – Ј370

upto Ј600,000 – Ј405

upto Ј700,000 – Ј435

upto Ј800,000 – Ј485

upto Ј900,000 – Ј525

upto Ј1,000,000 – Ј555

ADMINISTRATION FEE OF Ј89 IS PAYABLE UPFRONT.

Lenders Conveyancing Fee – Ј300.00 Payable on completion. Legal costs for work carried out to fulfil mortgage conditions, payable to conveyancer/solicitor. The final bill may be higher. (Payable when any work completed, estimate)

Insurance Admin – Ј30.00 Added to loan.

Telegraphic Transfer – Ј15.00 Payable on completion.

Redemption Admin Fee – Ј125.00 Payable on redemption. Please note that an increased fee of Ј225 may be payable in Northern Ireland and Ј260 in Scotland.

Title Management Fee – Ј50.00 Payable on redemption. For validating the registration of your title, retrieving and distribution of your title deeds and continuous management of title issues.

Administration Fee – Ј89.00 Payable upfront.

Acceptable Property Types

Freehold Flat No

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop Yes

Studio Flat Yes

Flying Freehold Yes

Timber Framed Yes

Agricultural Tie No

Flat Over 4 Storeys Refer

Listed Building Refer

Not Accepted

New Build – Please refer to lender. Minimum property valuation – Ј50,000

Requirements

Bank Statements No

At Least 3 Months Pay Slips Yes

Proof Of Residency Yes

Life Policy To Be Assigned No

Previous Lender References Yes

Min Loan Ј25,001

Max Loan Ј500,000

Max Portfolio of BTL Loans Ј1,000,000

Min Age 18 years

Max Age 70 years

Min Term 5 years

Max Term 40 years

Maximum of two applicants.

Employed applicants, 6 months employment history required no breaks in employment.

Contract workers, 12 months (same occupation).

Employer must confirm employment is permanent and not under notice of termination or redundancy

Employment reference covering last 6 months from current/previous employers or latest computerised P60 and latest 2 payslips or last 2 computerised payslips provided these show a gross figure to date covering 6 months or 3 months Bank statements showing salary credits

Last 2 years certified accounts or accountants certificate with 2 years figures or latest 2 years SA302 HMRC confirming Net profits

Acceptable Accountants: FCA, ACA, ICAS, ICAI, CA, ACCA, FCCA, CIMA, ACMA, FCMA, AAPA, FAPA, MAAT, AAT

The lender reserves the right to carry out an audit on individual Applications.

financial association of adverse history

Foreign Citizens are accepted but all applicants must be UK or EU nationals. Applications can be accepted for non-UK/EU nationals provided they have been resident in the UK for the last 12 months and they have the permanent right to reside in the UK. This applies to all applicants regardless of their marital status.

Refer to Platform for full list of acceptable ID

SA302 notice acceptable as proof of residency

SA302 notice from HMRC acceptable as proof of income and verification document

Letter from Inland Revenue confirming start of self-employment acceptable

CIS certificate and card not acceptable as proof of self-employment or list 1 ID.

If buildings insurance is not taken through our agreement with Legal General, then a Building Insurance Administration fee of Ј30 will be payable this can be added to loan.

Foreign Citizens Accepted

Ex-Patriates Not Accepted

Income Multipliers

Based on Income 0

4.25 + 1 or 3.75 joint

Min months in continuous service 6

Min no. of years accounts 3

Average years taken to calculate income 1

Will consider declining profit Refer

Lending based on affordability – please refer to Platforms website www.platform.co.uk for affordability calculator and policy manual

Basic Income – Add 100% to income before multiply

Acceptable Incomes

Occupational pension income (not accept state pension) – Only available on a full status basis.

Rental Income (Must be the residual amount once any mortgage commitment has been taken off).

Hire Purchase Taken into account

Personal Loans Taken into account

Overdraft NOT Taken into account

Credit/Store Cards Taken into account

Child Maintenance Taken into account

Child Education Taken into account

Other Income – Guaranteed Add 100% to income before multiply

Other Income – Regular Add 100% to income before multiply

Other Income – Irregular Add 100% to income before multiply

Investment Income No

Mortgage Subsidy Add 100% to income before multiply

Large Town Allowance Add 100% to income before multiply

Maintenance Payments Add 100% to income before multiply

Non Contributory Pension Refer to Lender

Car Allowance Add 100% to income before multiply

Adverse Credit

1) There must be no Defaultss in the last 36 months. This condition does not incur any rate loading.

Arrears : Not accepted.

Bankruptcy/IVAs : Bankruptcy/IVA not accepted.

Repossessions : Not accepted.

Mortgages Direct is authorised and regulated by the Financial Conduct Authority

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.