Underwriter Career Guide and Counseling

Question: What is it like to be an underwriter for an insurance company? For anyone who currently or has been an underwriter, I have these questions: What tasks and duties does an underwriter perform? What did you do to become an underwriter? What is the salary?

Answer: Heaps of paper work...

Question: How long does it take for a underwriter to approve an FHA Loan? We wanted to close on Friday April 24th but our loan officer said the underwriter is just getting to our file today after having it for over a week now. Is it possible for them to approve it this week and we still get to go closing by Friday. How long does it usually takes to approve and schedule a closing? The inspection and appraisal has already been complete, and repairs has already been done on the house by the sellers. The house was appraise for well over the contract price. All paper work has already been turned in.

Answer: If your bank has an in-house underwriter, you should be okay by the 24th.... pending no conditions. If they had to send the paperwork to a regional office, then the avg. time is two weeks.

Question: How do you become a loan underwriter? Does anyone know how to get a job as a loan underwriter even though i have no prior experience in the mortgage industry whatsoever? Is there a entry level position that i have to get first before i can transition in to the job as a loan underwriter?

Answer: You can't. You have to learn how the process works before you can actually start appoving loans. I worked as a loan processor, then as a senior processor for a total of 4 years before I started underwriting. Underwriting is actually considered a promotion, and not everyone that is good at loan processing, or that wants to be an underwriter, is given the opportunity by management to gain this authority.

Question: How long does it normally take for an underwriter to write a home loan? We have been working on closing a deal on purchasing a home, but I have had some communication difficulties with the mortgage broker. We started the process on June 2 and set a June 30 closing date. The Real Estate broker called today and said the mortgage broker was just sending the paperwork to the underwriter today or tomorrow. Will we still be able to close in 8 days?

Answer: Possibly. As long as the underwiter is satisfied with all of the paperwork, and doesn't have 20 packages ahead of yours, you should close on time. That said, I've purchased and sold a number of homes and the underwriters ALWAYS find something! Most of the time, it's little things that are easy to clear -- missing tax return or verification of income -- just have a fax machine handy if they're not local! Once in a while they come up with a biggie though that can even jeopardize the entire deal. I've had that happen too. From personal experience, it's not unusual for the closing date to be pushed back a couple of times. The last property that I sold had it pushed 3 times but we actually closed on the first adjusted date. I received the closing docs by e-mail, printed them out and rushed over to the UPS store to get them notarized and shipped off with minutes to spare. That was a do-or-die deadline as I was leaving the country on business for 3 weeks the next morning and the buyer's rate lock had 2 days left on it. They would not have qualified at the new rate, the deal was THAT tight!

Question: What happens after the underwriter approves the loan? I'm closing on my new place the day after the sell of my current place. I found out today that my loan application passed the underwriter's scrutiny and all of the conditions have been met. I sign documents next week. Is that it? Is this the end of the process? My first r/e transaction was stressful and hellish - this one has been 100% stress free (mostly thanks to the people I'm working with). Since the stress isn't a factor, I feel like I missed something.

Answer: Yes, if the UW has approved the loan and all conditions are met, then doc's will be drawn and sent to your title company. Once you go to the title company and sign, the title company will send all the doc's back to the lender. Once the lender approves all the docs were signed according to their conditions, they will wire the money to the title company to close on your purchase.

Question: How do you become a real estate underwriter? Or what is the best career choice in real estate? How do you become a real estate underwriter? Or what is the best career choice in real estate? As far as commission / salary?

Answer: http://myitcareer.info/

Question: How to become an Insurance Underwriter(both General & Life)? What are the procedures to be followed? Please explain the no. of exams to be written and the corresponding eligibility? Also detail about the basic requirements needed? What is the maximum duration to become an underwriter?

Answer: There isn't a "maximum duration" but if you have no experience, unless you want to try being a wholesaler, you have very little change of getting hired in. You're talking two different horses here - I don't know of anyone who "underwrites" both general and life lines. Companies usually either sell one, or the other. When they DO sell both, the lines are strictly divided. I don't know of ANYONE who underwrites both. Requirements vary by state. But getting the appropriate license is easy; getting a JOB in underwriting can be very, very hard. Getting free training from a company, means you have to have the job offer first. Usually the job comes first, then the training, etc. Unless you're a wholesaler, you don't NEED a license, btw.

Question: How do you become an insurance underwriter? What does a typical day in the life of an insurance underwriter look like? I am considering this career path and would like some input.

Answer: Your face is buried in medical records all day while agents constantly beg you to approve the applications. I have a lot of respect for those that can handle that job!

Question: Would an underwriter question a large payment on 2nd when refinancing 1st? If I was "gifted" a large sum to pay down my 2nd mortgage (line of credit), the refi my first to have enough equity to get a better rate, would the underwriter expect documentation or a gift letter for where those funds came from to refi the first? And if so, would the bank on the 2nd subordinate to the first bank and just leave the LOC open? How far back would they look at statements on the 2nd? If you are an underwriter perhaps you know!

Answer: Yes, a "gift letter" should be requested. See also if you can obtain recent credit card statements that are holding a balance that would pay down the 2nd. In your question of keeping the HELOC open, that depends on how high the LTV and DTI ratios are. If they go against your bank policy, then you may have to ask the client to reduce the credit limit on the HELOC. You could simply ask to find out when the paydown of the HELOC occured and then request the bank statement showing the payment made and the details of if it was a balance transfer from a credit card or truly a "gift" from a deposited check into the clients checking account.

Question: loan for my house went to the underwriter and now waiting? I am first time homebuyer and i git pre approved. The loan already went to the underwriter and now my processor is saying that my loan has been submitted for a high level review to corporate. What does this mean? Should I be worried? What are some things that could be wrong? I have already submitted them everything that they needed.

Answer: When you are pre-approved, that is based on the credit report, and the income and asset information YOU provided on your application. When it goes to final underwriting, they verify that information with bank statements, paycheck stubs, and tax returns. It went to high-level review because there is some discrepancy that the regular underwriter wants a higher up (like an underwriter manager, or underwriting committee) to give a final approval on. I know its a little nerve-wracking, but you just have to wait and see what they say.