Underwriters in the banking industry use a computer system to assess whether applicants are creditworthy, by using information including their credit score and history, and their employment record and income. They also evaluate any security that is offered for the loan, for example a car or a home, to determine whether this guarantee is worth enough to be used as collateral for the amount of the loan.
This role requires applicants to have effective communication skills, especially with regards to the loan officers who provide the applications. They should be knowledgeable about interpreting credit reports, financial reports, tax documents and appraisals, and have decision-making and analytical skills.
Underwriters are expected to have a minimum of a bachelor's degree in a field such as business or finance. Applicants are more likely to be successful if they have experience in lending; for example, if they have worked as a loan paperwork processor or a loan officer.
This role typically pays an average of C
$47,000.