Underwriting Training : Becoming an Underwriter

Written By: Joan Ewing, Op-Ed Writer

Hello everybody – hope you are keeping busy. I see business definitely picking up and some processors and underwriters are getting swamped with new job offers. Recently I have received several e-mails from the readers of NAMP Blogs about how to get into underwriting.

Need Underwriting Training? CLICK HERE:http://www.UnderwriterTraining.com

Some persons have conventional experience and want to get their DE. Other questions were by LO’s who had processing experience and wanted to move into underwriting. Others were from underwriters of years ago who stated employers want current underwriting experience. So let me explain a little about how I think you may become an underwriter. Of course, this is only MY OPINION and by no means do I write for any lenders as to the type of experience they will accept.

Let me begin by saying, I have never been a processor. Back in the 20th century, I had real estate experience and was hired as the director of sales and marketing for a non-profit organization. At that time I was given the responsibility of supervising the loan processors – in addition, I pre-underwrote loans prior to them being sent to our State agency for approval. From that point I moved on to underwriting conventional loans and then I earned my DE. Enough about me!!!!!!

I gave the above information because I feel a large percentage of underwriters were processors and wanted to give the example of there are other ways to get into underwriting. If you are currently a processor, I feel you are in a perfect position to be an underwriter – that is why it is so important to be very thorough as a processor and double check your docs – the underwriter at your office could be your biggest cheerleader if an underwriting position or Jr. Underwriter position become available.

If you were an underwriter and have gotten out of the arena or a LO and would like to be an underwriter, I would suggest becoming familiar with the guidelines of Fannie and Freddie. I would suggest reading the guidelines on their website and getting familiar with investor guidelines which vary these days from Fannie and Freddie. When responding to an ad for an underwriting position, I would emphasize the fact you have kept abreast with all changes in the underwriting guidelines for investors. I would also emphasize my experience in the field of mortgages, whether processing, previous underwriting or loan officer.

I also received several questions from underwriters who were interested in getting their DE. First and most importantly, you must be working for a lender who is DE approved. I am assuming that the process is still the same – and you must be sponsored by your employer to receive your DE. Since the employer is ultimately responsible for the loans underwritten by you, they must be sure you are underwriting the file and completing forms accurately. Most lenders will have the loans of a new DE underwriter reviewed by a senior underwriter prior to closing and shipping the loan.

I would also like to mention that FHA Online University has a great FHA DE Underwriting Course which totally covers FHA DE Underwriting – I would highly recommend that anyone interested in obtaining their DE take this course.

Well I hope I have answered your questions regarding how to become an underwriter – If you have any other questions, please do not hesitate to ask.

Need Underwriting Training? CLICK HERE:http://www.UnderwriterTraining.com

Till next week – keep processing. More later.

About The Author

Joan Ewing - As an op-ed writer and active FHA DE Underwriter for the past 15 years, Joan Ewing is a proud NAMP® Certified Ambassador Loan Processor (NAMP®-CALP). Joan brings years of FHA Government experience to her writings, letting her readers tap into her underwriting knowledge base. 


Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.