Table of Contents
- Education for Loan Underwriters
- Experience Required for Loan Underwriters
- Certification & Licensing Requirements
- Salary & Job Outlook for Loan Underwriters
Education for Loan Underwriters
Loan underwriters must have a minimum of a high school diploma or GED. They may have some college training or experience in the banking and finance industry. Many lenders look for applicants with a degree in finance, economics, accounting, or business administration. Many loan underwriters become certified in their field to enhance their employment opportunities.
Experience Required for Loan Underwriters
Loan underwriters need several years of experience in the banking and finance industry. This experience can be obtained through a variety of avenues, including working as a loan officer or loan processor. It is important for loan underwriters to have a thorough understanding of banking and finance regulations, as well as a working knowledge of the different types of loans available.
Certification & Licensing Requirements
The National Association of Mortgage Underwriters (NAMU) offers certification for loan underwriters. The Certified Mortgage Underwriter (CMU) designation is the highest level of certification offered. Those who become certified must have a minimum of three years of experience in the mortgage lending industry and must pass the CMU examination.
Salary & Job Outlook for Loan Underwriters
The median annual salary for loan underwriters was $63,670 in 2019, according to the U.S. Bureau of Labor Statistics (BLS). The job outlook for loan underwriters is positive, with the BLS predicting an 8% growth rate in the field through 2029.
How long does it take to become an underwriter?
It can take several years of experience in the banking and finance industry to become a loan underwriter. Those who wish to become certified must have a minimum of three years of experience and must pass the Certified Mortgage Underwriter (CMU) examination.
Do loan underwriters make good money?
The median annual salary for loan underwriters was $63,670 in 2019, according to the U.S. Bureau of Labor Statistics (BLS).
What are the requirements to be a loan underwriter?
Requirements for loan underwriters include a minimum of a high school diploma or GED, some college training or experience in the banking and finance industry, and several years of experience in the banking and finance industry.
Do you need a degree to be a loan underwriter?
While a degree is not required to become a loan underwriter, many lenders look for applicants with a degree in finance, economics, accounting, or business administration.