Summary: The job of an underwriter is to accept and reject applications such as loans, mortgages and insurance. They review the background of a client and their capability to give back to their creditors. Underwriters give customized options to the clients on how the company can help them. Two types of underwriters exist – the Mortgage/Bank underwriters and insurance underwriters.
Duties: The basic job of an underwriter is to review and evaluate the clients’ concern in paying back the creditors and their potential to pay; grants and disapproves requests of loan, mortgage and insurance; evaluation includes assessing the customers’ bank and statement of accounts. Underwriters check clients’ assets, which involve tasks such as handling and negotiating rates with customers; helping out in executing policies for loan and mortgage applications; drafting the probable requirement for the customers’ application and providing quotations for their clients or agents. Underwriters are also accountable to the profit and development of the company; and responsible for analyzing circumstances that may direct to the thrashing of a company’s profit.
Education and Training Requirements: To acquire the job of an underwriter one must possess a Bachelor’s degree in finance, business and economics or any related study. Most company’s give more considerations to well experienced applicants. They give opportunities to aspiring underwriters who have worked in the industry for a period. Sometimes applicants with an educational background in communications are also considered but institutions highly recommend graduates of analytical studies.
Knowledge and Skills Requirements: Underwriters are expected to have outstanding skills in communication. They must have a high interest and passion to work with people. Underwriters are excellent in analysis and giving balance to situations. They are well discipline and have an effective researching skill. It is also important for an underwriter to be knowledgeable in using computer systems and software.
Working Conditions: Underwriters are based in offices. They are expected to work forty hours in a week. There will be times that the company will represent and require them to take trips for a seminar. It is common for them to file, analyze and evaluate applications of their clients and customers. Underwriters are only required to work typically on weekdays.
Wages: Depending on the previous work experiences of an underwriter, the salary they receive annually can be up to $50,000. This yearly basic salary may be inclusive of benefits like health insurance, life plans, paid leaves or vacations and others. Depending also on the company’s location and size, the salary may go beyond the basic amount.