The key role of a mortgage underwriter is to work on behalf of a mortgage lender to determine whether a potential borrower should be granted a loan for the purchase of property. They will be primarily responsible for reviewing the documentation provided by borrowers and assessing their suitability for a loan agreement.
The responsibilities of a mortgage underwriter include determining the economic health of loan applicants, which involves reviewing the applicant’s credit history and verifying their employment and income details; scrutinising the accounts where the applicant’s funds originate from; and analyzing the purchased property to ensure that it has been valued correctly.
The role requires the holder to possess skills in auditing and analyzing figures. Good-decision-making skills are essential, as well as keeping up to date with the latest mortgage figures and regulations. Usually a bachelor’s degree in finance, business or a related degree is a requirement for this role. However, it may be possible to obtain a certificate in business law or accounting to accompany a bachelor’s degree in an unrelated field.
The average salary for this role is around C
$40,000 plus bonuses of up to C
$5,000.