Become a Processor or Underwriter
How to become a Processor or Underwriter?
Have you wondered how you can become a mortgage loan Processor or Underwriter? Mortgage processing and underwriting are internal functions of a mortgage company. The majority of processors and underwriters working today were internally taught the job through years of on-the-job training. But now you can gain valuable knowledge about the job of a processor or underwriter by taking courses online. Each course will teach you various elements of the job of a processor or underwriter.
What does a Loan Processor do?
The mortgage loan processor is the individual who verifies all the mortgage loan application information submitted by the borrower. It is the reponsibility of the processor to ensure the information provided by the applicant is accurate and meets the lending criteria of the lender. Mortgage processors must have knowledge about the mortgage lender's loan program requirements and ability to interpret documentation to necessary for verification. Mortgage loan processors should have good math skills, good time management and good computer skills, as most of their job is now done on computer. According to Glassdoor.com, mortgage loan processors earn between $55,000 to $87,000 per year, nationally.
What does a Loan Underwriter do?
The mortgage loan underwriter is the individual who approves or denies a borrower mortgage loan application. The underwriter is the mortgage loan decision maker for most lenders. Mortgage underwriters play a very significant role in mortgage lending. Because they are responsible for approving or denying a loan application, they commit the lender to that decision and any future issues that could arise from approving or denying a loan. Underwriters must be proficient in lending standards as well as federal and state regulations reagarding mortgage loans. Underwriters must constantly stay abreast of industry and regulation changes that could affect lending decisions. Some underwriters are approved to underwrite federal loans such as FHA or VA loans. FHA underwriters are known as Direct Endorsed (DE) underwriters. These underwriters have received additional training on FHA lending standards and hold the title of DE Underwriter. Most underwriters today started as mortgage loan processors and ultimately became an underwriter. There are several classes available that would help a processor looking to become an underwriter. According to Glassdoor.com, a mortgage loan underwriter salary range, nationally, is between $95,000 to $165,000.
Need help with the process?
The MortgageKnowledge.com Education Concierges are here to help you navigate the process of becoming an MLO. Our Personal Education Concierges are highly skilled at the procedure and will help you every step of the way at no cost.