Mortgage Underwriters: Your On the Job Investigators [10to5mortgage.blogspot.com]
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10to5mortgage.blogspot.com Underwriting Jobs and UnderwritingCrossing.com
That is certainly helping the mortgage industry, and firms are looking to capitalize on ... unemployment numbers are usually enough to give us a picture of the jobs market. ... One vet wrote, "See how long does it take to train a new underwriter. FHA Streamline Investor Changes; Other Lender Tweaks to Slow ...
Until recently, mortgage brokers had a limited number of mortgage underwriters they could use due to geographical constraints. However, thanks to the advances in modern technology, cyberspace makes everyone a next door neighbor, and more and more brokers are finding that they can receive prompter service that is accurate and reliable from reputable online services. A professional service that offers quality underwriting services can save you time and money when originating mortgages and other loans, analyzing criteria based on standard categories of information.
Character and Credit Analysis
Analyzing credit reports is the first step in any underwriting process. Mortgage underwriters can make a character profile based on the potential client's willingness and ability to repay loans and credit offerings. This analysis is based on the information in their three primary credit reports.
Capacity to Pay Back Mortgage
Mortgage underwriters understand that a loan applicant's ability to repay a loan is based on more than just their history of on time payments; the applicant must have the capacity to pay back the loan requested. This decision is based on the person's W-2 and 1099 forms, as well as the amount of their current debt.
Collateral and Analysis of Property
In order to make a logical decision regarding a given applicant, experienced mortgage underwrites will also look at the property in question; it must stand up as adequate collateral against the loan being requested. Appraisals, home inspections, past insurance claims, and real estate taxes are just a few of the related details that must be considered when determining the worth of the home against the amount of the loan.
Capital
Very few mortgages are granted without a down payment, and the amount of money the applicant is able to put down greatly affects their interest rate and their perceived ability to pay back the loan. Mortgage underwriters look at how much capital the loan applicants have and where it came from. If they have borrowed the money, this will add to their debt load and may not be acceptable. Bank assets and verification of deposits over a period of time can indicate their pattern of spending and utilization of their funds and give a seasoned underwriter a good idea of just what the applicant can afford. Suggest Mortgage Underwriters: Your On the Job Investigators Topics
Question by zib: What can a Mortgage Underwriter do after loosing a job, with no mortgage jobs out there? Best answer for What can a Mortgage Underwriter do after loosing a job, with no mortgage jobs out there?:
Answer by questioning34242
go collect unemployment?
Answer by Hamilton
Retail banking
Answer by Katya
You can a) find a new career or b) try to find a job with a major company, they are generally less affected than the mom an pop shops.
Answer by Mr. Davis
Apply at Citibank... Everyone spends so much on their credit cards, you're bound to have a job for life!
Answer by toocan
maybe slip over into the insurance industry. of course, you will have to worship satan, especially if you get a job with allstate, but it's a job
Answer by dianaparisian
Assess your skills and strengths and maybe work with a Business Coach or Counselor to segue those skills into something that would utilize them, an accounting office, a sales job, a recruiter job.... there are many options to look at. Have someone look at your resume and help you. Good luck.
Answer by wizjp
Title underwriting; examining; searching
Answer by FILE
Get a couple of partners and start your own Mortgage Co. You could start a company that helps people get their forms filled out and charge a fee. You could sell houses parttime and help your clients thru the Mortgage maze to help them buy the houses you sell. etc. The list is endless. Use your imagination and expertise to develope something into a creative job that will produce capitol for you. You could also work for a major bank in their Mortgage Dept. You could start as a teller and then jump over to mortgages.
Answer by Need a mortgage
Do you plan to stay underwriter? Are you just open? i lead generate for www.quotemearatetoday.com and make around $ 500 to a $ 1000 a lead. just in case your interested
Answer by jojo27315
Take a good resume writing class, revamp that r esume, open a hotjobs and monster account, and start posting that resume. Apply for risk analyst, credit analyst, or finance analyst positions. Have you tried temp and contract office work in the meantime?
Answer by Greg S
What did you do before you got into underwriting?? I suggest you go back to whatever you had experience in before... otherwise try for a job at a retail bank location. Or take time off and go back to school.
Answer by Bill P
Insurance companies are hiring people to underwrite policies. Not sales.
