On average, mortgage underwriters can make around $76,000. If you’re interested in mortgage underwriter jobs, you might be wondering how to become one.

One of the steps is to get your mortgage underwriter certification. But what are the benefits and what programs should you look into? Keep reading to find out!

What is a Mortgage Underwriter?

When someone applies for a mortgage, the loan processor will compile all of the applications. Once they do that, it’ll get sent to an underwriter.

The mortgage underwriter then has to figure out how risky it would be to give that personal loan for their home.

Most places use manual underwriting, which is where a human will decide. There are automated underwriting systems, which use an algorithm. However, many companies are realizing that it’s better to have an actual person do the process and make the final call.

To make sure that the right people are getting approved for loans, many mortgage underwriters have to get certified. This is not always required for employment, but it can really help to increase the chance of employment or a higher salary.

NAMU Certification

The National Association of Mortgage Underwriters in the United States is the main place where people go to get certified. However, there are many different options as well.

One of their courses is the Certified Mortgage Underwriter (NAMU-CMU) course. This is more of a professional development course that’s great for people who are going into their entry-level job. It’ll also give you a fast track to where you want to be.

When you take this course, there will be four online webinars that you have to watch. The first one teaches you the essentials, the second one explains real-world applications, the third one is specifically for special loans, and the fourth is learning how to do underwriting.

Once you’ve completed those courses, you’ll have to pass an exam that has thirty questions. If you pass with an 80% or higher, then you’ll be able to graduate and get your certificate.

This course is great for people who are unemployed or looking for a junior mortgage underwriter job. If you already have a job in underwriting, you might find that it’s information that you already know.

In that case, you might want to take the Certified Master Mortgage Underwriter (CMMU) course. This is an advanced degree, and you’ll need to have twenty-four hours of on-the-job training before you can take this.

When you’re done with the modules, you’ll have to take another thirty-question exam and score at least an 85%. If you pass that, you’ll also have to pass a background check.

Chartered Property Casualty Underwriter (CPCU)

Those aren’t the only two options for you though! You can also get your certification through other organizations.

For example, this company designs programs for underwriters, risk managers, agents, brokers, and educators. They’re respected in the realty industry, and holding a certification from them can help you stand out.

To qualify for this certificate, you’ll need two years of training or education after high school. You’ll also need two years of work experience already under your belt.

If you pass that, then you’ll have to take a written or oral exam.

Basic Training Course

There are also many basic training courses that you can find online.

You might find these helpful before you start an actual certificate since loan underwriting can be a hard thing to learn. If you learn the foundational parts first, it’ll make the rest of it easier.

You’ll have to learn things like how to analyze assets, liabilities, borrower’s income, and other factors. These basic courses will help teach you how to assess risk.

International Accredited Business Accountant (IABA)

The IABA offers the ACAT certification. This certification shows that you have the practical and theoretical knowledge that you’ll need to be a successful underwriter.

Before you can get in, you’ll need three years of work experience. two of those years can be satisfied if you have college credits.

You can also substitute in relatable work experience in financial services.

If you meet those requirements, you’ll then have to take an exam.

Once you pass this exam, you won’t be required to renew this certification either.

Benefits of a Certification

Is it really worth it to get a certification? The answer is yes!

Since more and more people are becoming certified, it’ll make it harder to get a job if you’re the only one not certified. Plus, it’s a great way to showcase to employers that you have the skills that they need to fill that position.

These skills can also be beneficial and help you advance in your career. For example, you’ll have increased skills and knowledge. You’ll understand more about mortgage rules and regulations. You’ll be better at assessing risks.

It will also help to show that you’re committed to the mortgage industry, which makes you a more appealing candidate than someone who doesn’t have the certification.

Discover More About the Mortgage Underwriter Certification

These are only a few things to know about getting a mortgage underwriter certification, but there are many more options out there!

We know that the mortgage underwriting process of finding a job can seem daunting, but you don’t have to do it all on your own. We’re here to help you out!

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