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How To Become A Mortgage Underwriter How To Become A Mortgage Underwriter

How to Become a Mortgage Underwriter

Our Freedom Mortgage underwriters are analytical minds, outside-the-box thinkers, and problem solvers who join forces with our Sales and Operations teams to help Freedom customers achieve financial empowerment as well as their homeownership dreams.

Interested in learning more? Check out our three simple steps outlined below to help you launch your career as a mortgage underwriter!

A Day in the Life of a Mortgage Underwriter

Before we answer the question of how to become a mortgage underwriter, let’s dive into the day-to-day on the job.

Underwriters are detectives, who view every loan as a unique puzzle. Typically, the role of a mortgage underwriter is all about reviewing documentation provided by a mortgage borrower (the client) to confirm that Freedom Mortgage (the lender) can lend money to the borrower and they’ll assuredly be able to pay their mortgage back. The approval process can take anywhere from a few days to a few weeks, depending on whether the underwriter needs additional information from the borrower or how many files are in the underwriter’s queue.

Mortgage underwriters often possess strong attention to detail, analytical skills, are extremely organized and expert communicators and can crunch numbers in their sleep.

A day in the life of a mortgage underwriter may include…

  • Reviewing mortgage applications
  • Verifying borrower identification
  • Checking borrower credit history
  • Assessing borrower financial situations, including income, cash reserves, equity, investments, and financial assets
  • Collecting necessary documents for applications
  • Assessing delinquency risk
  • Utilizing comprehensive knowledge of FNMA, FHLMC, and HARP mortgage guidelines
  • Performing full reviews of mortgage loans in accordance with underwriting guidelines to ensure secondary market and investor needs are met
  • Underwriting and approving mortgage applications by reviewing credit bureau, title commitments, and financial statements
  • Completing income analysis of mortgage loan applications to determine applicants' ability to repay loans
  • Maintaining all licenses (if required)

Three Steps to Becoming a Successful Mortgage Underwriter

Step One: Earn Your High School Diploma and/or an Advanced Degree

While a formal degree is not necessarily required, you must have at least a high school diploma or GED to meet the educational requirements for a career as a mortgage underwriter at Freedom Mortgage. To go the extra mile, earning an associate or bachelor’s degree in finance, accounting, or business administration may improve both your hiring and earning potential.

Step Two: Pursue an Internship or Entry-level Position

To gain hands-on mortgage experience, build your expertise, and repertoire of mortgage knowledge, it’s important to either start with an internship or entry-level position at a financial institution. You’ll be able to study how to read credit reports and histories, learn how to analyze various risk factors to understand what makes a suitable mortgage applicant, work with senior underwriters to hone your abilities, and nurture your communication skills to ensure world-class customer service.

Step Three: Get Certified

After you have a few years of underwriting experience, take courses to become a certified mortgage loan underwriter. By furthering your education and becoming certified, you’ll have a better chance of gaining employment and growing into higher-level positions. Refer to the Nationwide Multistate Licensing System to check licensing requirements in your state for mortgage underwriters.

The Freedom Difference

What makes underwriting careers at Freedom Mortgage different? We’re all about teamwork, we’re invested in you, and we will help you soar to new heights. As an underwriter at Freedom, you’re not just an employee, you’re family. You’ll receive dedicated support, like our title review and appraisal review teams, that increase the efficiency and productivity of our underwriters. We’ll help you accomplish your career goals, from obtaining certifications to additional product training, to management training. As we continue to grow, so will your opportunity for career advancement into leadership and integral roles.

Ready to apply? The time is now to #SoarWithUs at Freedom Mortgage. Check out all of our open positions by clicking here.



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