Loan Underwriters: How to Become One
If you were to ask a group of loan underwriters about how they arrived at their current job, there's a good chance you would get several different answers about the paths and steps that each person took.
That said, there are still ways that you can develop a baseline understanding of the preparation that is necessary to become one.
The Best Adult Colleges and Careers Guide has gathered data to provide you with insight into the type of education that's commonly required for loan underwriters to land a job. This page contains information, sourced from real job postings, that describes the experience levels and specific skills that employers of loan underwriters expect candidates to have. In the end, this information will help you create an education or professional development plan that aligns with your career aspirations.
Keep reading to learn more about career steps for loan underwriters.
What Education & Experience is Needed for Loan Underwriters?
Do loan underwriters need a degree? What kind of experience do loan underwriters typically need? Thanks to data sourced from Lightcast™ from real job postings, we can get some clarity on those questions, as well as the level of education that is commonly required for loan underwriters to secure jobs.
Education Level Required in Job Postings for Loan Underwriters
Jobs Postings for Loan Underwriters By Education
- Bachelor's degree: 36,899 (38%)
- No Education Listed: 29,036 (30%)
- High School or GED: 26,673 (28%)
- Master's degree: 3,683 (4%)
- Ph.D. or professional degree: 671 (1%)
A bachelor's degree is the level of education sought the most by employers of loan underwriters. According to job data, a bachelor's degree was required for 38% of positions. In 30% of job listings no education level was listed and in 28% of postings a High School diploma or GED was required.
Experience Level Required in Job Postings for Loan Underwriters
Jobs Postings for Loan Underwriters By Experience
- 0-1 Years: 14,720 (27%)
- 2-3 Years: 25,490 (46%)
- 4-6 Years: 11,178 (20%)
- 7-9 Years: 2,186 (4%)
- 10+ Years: 1,807 (3%)
While the amount of required experience will vary based on the responsibility and seniority of the position, an aggregate view of job posting data can help paint a picture of the experience level sought for most job openings for loan underwriters. In 46% of job postings for Loan Underwriters, employers were looking for candidates with 2-3 years of experience. In 27% of listings employers were looking for candidates with 0-1 years of experience, while 4-6 years of experience was sought in 20% of job postings for loan underwriters.
What Kind of Degree Do Loan Underwriters Need?
So far this page has provided detail into the level of education and the amount of experience required in job openings for loan underwriters, but what type of education or degree will help prepare you for a career in the field?
According to occupational data obtained through Lightcast,™ there are 3 key academic programs that can help prepare prospective loan underwriters, and in 2021 a total of 52,431 of those programs were completed at institutions in the United States.
Check out the information below to learn more about the specific programs that should be considered by prospective loan underwriters.
Top Degree Programs for Loan Underwriters
Top 5 Degree Programs for Loan Underwriters (2021)
| Program | Completions |
|---|---|
| Finance, General. | 51,430 |
| Banking and Financial Support Services. | 991 |
| Credit Management. | 10 |
What Skills Do Loan Underwriters Need?
Education and experience have been covered, so what are the specific skills and traits needed by loan underwriters to secure a job?
A good way to understand this is to examine actual job postings for skills commonly sought by employers. Continue reading for a breakdown of specialized skills found in job postings for loan underwriters, as well as common skills that can help you thrive in the workplace.
In-Demand Skills for Today's Loan Underwriters
Based on 88,197 job postings
Top 5 Specialized Skills for Loan Underwriters
| Skills | Postings | % of Total Postings |
|---|---|---|
| Loans | 65,327 | 74% |
| Mortgage Loans | 44,019 | 50% |
| Underwriting | 31,817 | 36% |
| Loan Origination | 27,952 | 32% |
| Finance | 13,882 | 16% |
Top 5 Common Skills for Loan Underwriters
| Skills | Postings | % of Total Postings |
|---|---|---|
| Customer Service | 36,092 | 41% |
| Communications | 36,050 | 41% |
| Sales | 32,018 | 36% |
| Management | 21,628 | 25% |
| Detail Oriented | 17,282 | 20% |
Based on 88,197 job postings related to loan underwriters, loans was the top specialized skill sought by employers, with 74% of all postings looking for that skillset. Skills for mortgage loans, underwriting, loan origination, finance and mortgage loan origination were also highly sought.
As for common skills, customer service was the most desired skill found in job postings for loan underwriters, followed by communications, sales, management, detail oriented and writing.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Loans | 65,327 | 74% |
| Mortgage Loans | 44,019 | 50% |
| Underwriting | 31,817 | 36% |
| Loan Origination | 27,952 | 32% |
| Finance | 13,882 | 16% |
| Mortgage Loan Origination | 13,182 | 15% |
| Marketing | 13,145 | 15% |
| Commercial Lending | 12,104 | 14% |
| Loan Documentation | 11,473 | 13% |
| Financial Services | 11,091 | 13% |
| Accounting | 10,878 | 12% |
| Sales Prospecting | 9,814 | 11% |
| Cross-Selling | 9,164 | 10% |
| Loan Closing | 8,543 | 10% |
| Business Development | 7,667 | 9% |
| Financial Analysis | 7,522 | 9% |
| Customer Relationship Management | 7,144 | 8% |
| Banking | 7,129 | 8% |
| Loan Processing | 7,120 | 8% |
| Consumer Lending | 6,764 | 8% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Customer Service | 36,092 | 41% |
| Communications | 36,050 | 41% |
| Sales | 32,018 | 36% |
| Management | 21,628 | 25% |
| Detail Oriented | 17,282 | 20% |
| Writing | 16,720 | 19% |
| Real Estate | 16,198 | 18% |
| Operations | 13,924 | 16% |
| Interpersonal Communications | 13,304 | 15% |
| Microsoft Office | 12,834 | 15% |
| Self-Motivation | 11,955 | 14% |
| Problem Solving | 11,287 | 13% |
| Verbal Communication Skills | 11,136 | 13% |
| Microsoft Excel | 10,765 | 12% |
| Multitasking | 10,583 | 12% |
| Organizational Skills | 10,285 | 12% |
| Time Management | 9,137 | 10% |
| Computer Literacy | 8,028 | 9% |
| Presentations | 7,921 | 9% |
| Leadership | 7,372 | 8% |
Additional Links
Ready to dig deeper into career information about loan underwriters? Visit our other pages focused on salary and education for loan underwriters.
What do loan underwriters do?
How much do loan underwriters make?
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