High School
Recommended high school classes include business, economics, accounting, statistics, mathematics, and computer science. Strong communication skills are needed to work as a loan underwriter, so be sure to take English and speech classes. Loan underwriters also need excellent analytical and critical-thinking skills. Taking history, social studies, and philosophy courses will allow you to develop these abilities.
Postsecondary Education
You can enter this career with only a high school diploma, but many employers prefer to hire applicants with a bachelor’s degree in business, business administration, accounting, and finance.
Once hired, new underwriters receive on-the-job training that typically lasts from three to six months.
Certification
The American Bankers Association offers a certificate in business and commercial lending that covers credit analysis, underwriting, and other topics. To earn the certificate, students must complete the following classes: Effective Commercial Loan Write-ups, Treasury Management, Understanding Business Borrowers, Analyzing Business Financial Statements and Tax Returns, Analyzing Personal Financial Statements and Tax Returns, Qualitative Analysis and Determining a Credit Risk Rating, and Loan Structuring, Documentation, Pricing and Problem Loans.
Other Education or Training
Keeping up with industry developments is key to success as an underwriter. Professional associations often provide continuing education (CE) opportunities. The National Association of Mortgage Underwriters offers classes such as Mortgage Underwriter 101: The Essentials, Commercial Processing and Underwriting 101, Advanced Commercial Processing and Underwriting, and Due Diligence: Learn Manual Underwriting. The American Bankers Association offers CE courses such as The Commercial Real Estate Underwriting Process, Processing and Underwriting Credit, Fundamentals of Mortgage Lending, and Law & Banking: Principles. Companies such as Fannie Mae and Freddie Mac also provide a variety of professional development classes and webinars. Contact these organizations for more information.
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