Three to five years of experience in loan processing, credit analysis, or related fields is required to work as a loan underwriter.
Loan underwriters must have excellent communication skills because they frequently interact with colleagues, representatives of outside banks or credit unions, loan processors, and others who are integral to the loan process. Those who are detail-oriented, organized, and have good time-management and analytical skills prosper in this career. Finally, loan underwriters need familiarity with fair lending practices and an understanding of the Fair Credit Reporting Act and lending industry guidelines; detailed knowledge of loan processing, underwriting, and closing procedures; proficiency in Outlook, Excel, Word (Microsoft) or similar software; and expertise in the use of loan underwriting, processing and management software systems such as Desktop Underwriter (Fannie Mae), Loan Product Advisor (Freddie Mac), Encompass (Intercontinental Exchange), Point (Calyx Technology), and OnBase (Hyland Software).
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