Loans are used by many people in tough financial situations or who are about to make a big financial commitment, and a loan underwriter is the one who determines whether or not they qualify to receive one. They check the individuals financial history as well as their state of mind to determine whether or not they are capable of taking out a Loan and paying it back.
How to Become a Successful Loan Underwriter?
A degree in finance is almost essential to this position, ideally in a field of accounting or something similar through a four year or more program. However, if you have extensive experience in banking or other financial fields, an employer may be willing to take that over a formal education as it will also give you the skills.
Upon being hired, one of the most important skills to have is multitasking, as determining whether or not someone qualifies for a loan. You will need to look at their financial history, their credit score, their income, and many other factors to make your decision. Nothing can go without being considered.
Having a good commitment to morals is also important, as some loan underwriters are motivated more by profit and give out loans to people who can’t truly afford them just for a short term gain in money. This inevitably results in the pain defaulting and lost money all around for the customer and the bank.
Doing accurate calculations honestly will enable you to make solid decisions that will benefit everyone in the long run, as people who can pay the loans back are the most mutually beneficial clients for the bank as well as themselves. This will make you far more profitable in the long run than greedy underwriters.
The Best Loan Underwriter Resume Samples
These are some examples of job descriptions we have handpicked from real Underwriter resumes for your reference.
- Analyzed and validated coverage requests from clientele ranging from $5,000 – $100,000,000 based on the financial stability of the company.
- Appointed the dedicated underwriter to a book of platinum level clients whose annual premium exceeds $2,000,000.
- Successfully maintained and strengthened internal and external relationships with brokers, clients, analysts and agents.
- Underwrite commercial accounts including auto, general liability, property and umbrella and effectively communicated potential risks to agents/brokers.
- Solicit brokers/agents in order to develop a profitable book of commercial auto, property and casualty business.
- Worked closely with and developed strong working relationships with insurance brokers and carriers, such as National Indemnity, Occidental Fire & Casualty, Ace Group, Lancer Insurance, and many more.
- Reviewed and assessed credit worthiness of small business owners.
- Rendered dispositions based on personal and business credit, cash flow via bank statements and credit card sales if applicable.
- Conducted interviews with all business owners whom were approved for financing.
- Also conducted background searches prior to releasing of funds as a final review in the process of mitigating risk.
- Underwrites insurance policy for taxi and car service vehicles in the five boroughs.
- Collaborate with department to remove discrepancy and flaws in system to reduce risk when underwriting a policy.
- Discuss with management about changes and ideas to improve the underwriting process.
- Review, rate and underwrite high volume of quotes in a mixture of new business and endorsement on a daily basis.
- Handle ten brokerages who submit commercial auto business with total approximately $40 million in premium.
- Determine acceptance or rejection in accordance with applicant’s loss history; perform accident report analysis, where applicable.
- Compute the rates and premiums for policies using underwriting software, created and maintain premium calculator using Excel VBA.
- Analyze business financial reports, bank and credit card statements, credit reports, and other information to determine the expected customer risk profile.
- Utilize the company’s proprietary software and models to competitively price approvals.
- Evaluate each individual business based on multiple factors and provide recommendations for exceptions to senior management.
- Maintain a high level of accuracy, ensuring that appropriate information is provided to all departments to ensure a seamless funding process.
- Write articles for online and print publication based on various insurance newswires and press releases.
- Analyze trends impacting the insurance industry through reports and studies published by numerous institutions.
- Bolster online readership of published articles through enhanced search engine optimization.
- Conduct interviews with insurance leaders and experts across multiple markets.
- Analyze financial reports, bank and credit card statements, credit reports, and other information to determine the expected customer risk profile.
- Maintain a high level of accuracy, ensuring that appropriate information is provided to all departments.
- Analyze information and use logic, standards, and procedures to address work-related issues to minimize risk to the company.
- Utilized independent decision making and multi-tasking skills in reviewing and analyzing policy endorsements and updates.
- Researched available information and determined action on policies.
- Investigated policies for fraud from claims referrals and inconsistent data from various reports.
- Determine capability of clients to repay a loan based on analysis of his/her cash flow statements, tax returns, and other financial information.
- Analyze over 40 merchant processing statements daily to offer better rates for Visa and Master Cards.
- Perform various analysis to determine the creditworthiness of a client.
- Prepare payrolls for 25 sales agents: calculating salaries and benefits, verifying pay amounts.
- Calculated premiums, refunds, commissions, adjustments in support of the endorsements process.
- Performed renewal comparison on accounts and provide Underwriters with information relative to changes.
- Processed pre renewals, including reviews of files and comparisons, documentation of loss.
- Production underwriter specializing in construction, fine art, motor truck cargo and related lines of business.
- Manage seventeen producer relationships via prompt service, site visits and production meetings.
- Responsible for a $4.36M book of business spread over 865 open market accounts and inclusive of $1.37M in new business premium (2016 Annual).