What is a Home Mortgage Retail Underwriter Senior Specialist Job?
A home mortgage retail underwriter senior specialist is a professional who plays a crucial role in the mortgage industry. This specialist is responsible for assessing and analyzing mortgage loan applications to determine their risk level and whether they meet the lending criteria.
What Usually Do in This Position?
A home mortgage retail underwriter senior specialist typically works in a lending institution such as a bank or a credit union. They are the ones who review and analyze mortgage loan applications and documents submitted by potential borrowers. They are responsible for verifying the accuracy and completeness of the documents and making sure that they meet the lending institution's underwriting guidelines.
Top 5 Skills for This Position
If you want to become a home mortgage retail underwriter senior specialist, you need to have the following skills:
- Attention to detail and accuracy
- Strong analytical and critical thinking skills
- Excellent communication and interpersonal skills
- Proficiency in using mortgage underwriting software programs
- Knowledge of federal and state mortgage lending regulations
How to Become This Type of Specialist
To become a home mortgage retail underwriter senior specialist, you typically need a bachelor's degree in finance, business administration, or a related field. Some lending institutions may also require you to have a professional certification such as the Certified Mortgage Banker (CMB) designation. Experience in the mortgage industry and a strong track record of successful loan underwriting can also be beneficial in getting hired for this position.
Average Salary
According to Glassdoor, the national average salary for a home mortgage retail underwriter senior specialist is around $75,000 per year. However, the salary can vary depending on the location, the size of the lending institution, and the level of experience of the specialist.
Roles and Types
There are different roles and types of home mortgage retail underwriter senior specialist jobs. Some may specialize in underwriting conventional loans, while others may focus on government-backed loans such as FHA, VA, or USDA loans. Others may work for online mortgage lenders, while others may work for traditional brick-and-mortar lending institutions.
Locations with the Most Popular Jobs in USA
According to job search websites such as Indeed and Glassdoor, some of the locations with the highest demand for home mortgage retail underwriter senior specialist jobs in the USA include California, Texas, Florida, New York, and Illinois.
What Are the Typical Tools?
Home mortgage retail underwriter senior specialists use various tools and software programs to help them in their job. Some of the typical tools include mortgage underwriting software programs such as Encompass, Calyx Point, and Ellie Mae. They may also use Microsoft Office programs such as Excel and Word to create reports and analyze data.
In Conclusion
A home mortgage retail underwriter senior specialist job is a challenging but rewarding career choice for those who have a passion for the mortgage industry and helping people achieve their homeownership dreams. By having the necessary skills, education, and experience, you can become a valuable asset to any lending institution and help them make sound lending decisions.