Having all the necessary documents for a mortgage application sets a client's expectation to get the final mortgage approval. But how do you ensure that it gets approved? Understanding the most crucial part of the mortgage process involves underwriting.
Thankfully, this is what mortgage underwriters are meant to do. Mortgage underwriters work closely with lenders to determine whether your home loans will be approved or denied.
In this article, we'll feature the duties of mortgage underwriters and the pros and cons of hiring locally & virtually. We will also highlight the comparison between the average salary of this role in various countries compared to the Philippines.
What is a Mortgage Underwriter?
A mortgage underwriter oversees the client’s historical finances to make sure that they are qualified to make monthly payments. The good news is that a mortgage underwriter collaborates with clients to ensure all required documents are submitted.
The mortgage underwriting process involves investigating the client’s credit history and ordering an appraisal if necessary. In addition to this, they also evaluate the debt ratio (debt to income DTI ratio) and savings accounts for the downpayment. These are both crucial in the latter part’s exciting moment — attending the closing meeting and receiving the disclosure document!
A mortgage underwriter oversees the client’s historical finances to make sure that they are qualified to make monthly payments. The good news is that a mortgage underwriter collaborates with clients to ensure all required documents are submitted.
The mortgage underwriting process involves investigating the client’s credit history and ordering an appraisal if necessary. In addition to this, they also evaluate the debt ratio (debt to income DTI ratio) and savings accounts for the downpayment. These are both crucial in the latter part’s exciting moment — attending the closing meeting and receiving the disclosure document!
What is the salary of a Mortgage Underwriter?
A mortgage underwriter’s salary depends on several factors including their relevant work experience, location, and skills among others. The salary typically ranges from $47,000 to $96,000 annually, excluding bonuses and other commissions.
What is the average salary for a Mortgage Underwriter?
The average total salary of a mortgage underwriter in the USA is $95,000 annually. Note that this varies depending on the candidate’s overall experience, skills, and location among others. For instance, in Australia, the average annual salary for this role ranges from $80,000 to $95,000.
If you’re planning to hire a mortgage underwriter, it’s generally ideal to take a look at various options. It is noteworthy that there are inexpensive options available.
Particularly if you’re hiring a mortgage underwriter based in the Philippines, it is a lot more cost-efficient and practical. In comparison to other countries, the annual salary includes employment benefits, government charges, and ShoreAgents’ fees.
The most expensive salary of a mortgage underwriter is in the United States and the cheapest salary is in the Philippines. Discover the average salary for different countries in the table below:
The average salary of a Mortgage Underwriter in Australia
AU
$90,000 AUD
Local
PH
$24,319 AUD
based in the Philippines
The average salary of a Mortgage Underwriter in New Zealand
NZ
$70,000 NZD
Local
PH
$26,039 NZD
based in the Philippines
The average salary of a Mortgage Underwriter in United Kingdom
GB
£32,375 GBP
Local
PH
£13,728 GBP
based in the Philippines
The average salary of a Mortgage Underwriter in United States of America
USA
$95,000 USD
Local
PH
$16,821 USD
based in the Philippines
The average salary of a Mortgage Underwriter in Canada
CA
$68,125 CAD
Local
PH
$22,944 CAD
based in the Philippines
The average salary of a Mortgage Underwriter in Singapore
SG
$67,500 SGD
Local
PH
$21,725 SGD
based in the Philippines
Can a Mortgage Underwriter work virtually?
Yes, a mortgage underwriter can definitely work remotely! ShoreAgents provides step-by-step guidance and aims to contribute successfully to your team. We focus on ensuring you have the perfect setup for your virtual mortgage underwriter.
As seen in the data above, you can certainly tell that locally hiring a mortgage underwriter is not a practical option. Because of the expensive labor costs, the best option that won’t break the bank is to hire one virtually.
But the question is, can a mortgage underwriter work virtually? The answer is affirmative! As we live in the digital era, setting up automated underwriting systems has made it easier to guide the chosen candidate.
Pro tip: Partnering with an offshore real estate staffing solutions firm like ShoreAgents is also an excellent option. Through this, you can ensure that your operations will run smoothly as the necessary tools are already provided. This includes:
Local Mortgage Underwriter Vs. Virtual Mortgage Underwriter
Still not convinced whether you should hire a local or virtual mortgage underwriter? Here are the advantages of hiring virtual mortgage underwriters instead of hiring a local one:
Cost-efficient
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local mortgage underwriter.
Convenient & Less Tedious
Hiring a local mortgage underwriter will require you to set up a workspace and provide the necessary equipment. Not to mention that you have to spend time and energy interviewing & filtering the best candidates. Again, let's highlight the most convenient and less long-winded option.
By collaborating with ShoreAgents, all you need to do is fill out your company profile. Once finished, the next step is to create a work order for your mortgage underwriter. From recruitment to providing the workspace and computer, we've got your back.
Our team of specialists will contact you and ask questions to guarantee that we meet your business requirements and objectives. Then, they will introduce qualified candidates for an interview, and voila - you can now select the best fit for your business.
Collaboration with Experts
Our mortgage underwriters work in a modern and comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Cost-efficient
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local mortgage underwriter.
Convenient & Less Tedious
Hiring a local mortgage underwriter will require you to set up a workspace and provide the necessary equipment. Not to mention that you have to spend time and energy interviewing & filtering the best candidates. Again, let's highlight the most convenient and less long-winded option.
By collaborating with ShoreAgents, all you need to do is fill out your company profile. Once finished, the next step is to create a work order for your mortgage underwriter. From recruitment to providing the workspace and computer, we've got your back.
Our team of specialists will contact you and ask questions to guarantee that we meet your business requirements and objectives. Then, they will introduce qualified candidates for an interview, and voila - you can now select the best fit for your business.
Collaboration with Experts
Our mortgage underwriters work in a modern and comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Cost-efficient
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local mortgage underwriter.
Convenient & Less Tedious
Hiring a local mortgage underwriter will require you to set up a workspace and provide the necessary equipment. Not to mention that you have to spend time and energy interviewing & filtering the best candidates. Again, let's highlight the most convenient and less long-winded option.
By collaborating with ShoreAgents, all you need to do is fill out your company profile. Once finished, the next step is to create a work order for your mortgage underwriter. From recruitment to providing the workspace and computer, we've got your back.
Our team of specialists will contact you and ask questions to guarantee that we meet your business requirements and objectives. Then, they will introduce qualified candidates for an interview, and voila - you can now select the best fit for your business.
Collaboration with Experts
Our mortgage underwriters work in a modern and comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Cost-efficient
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local mortgage underwriter.
Convenient & Less Tedious
Hiring a local mortgage underwriter will require you to set up a workspace and provide the necessary equipment. Not to mention that you have to spend time and energy interviewing & filtering the best candidates. Again, let's highlight the most convenient and less long-winded option.
By collaborating with ShoreAgents, all you need to do is fill out your company profile. Once finished, the next step is to create a work order for your mortgage underwriter. From recruitment to providing the workspace and computer, we've got your back.
Our team of specialists will contact you and ask questions to guarantee that we meet your business requirements and objectives. Then, they will introduce qualified candidates for an interview, and voila - you can now select the best fit for your business.
Collaboration with Experts
Our mortgage underwriters work in a modern and comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Cost-efficient
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local mortgage underwriter.
Convenient & Less Tedious
Hiring a local mortgage underwriter will require you to set up a workspace and provide the necessary equipment. Not to mention that you have to spend time and energy interviewing & filtering the best candidates. Again, let's highlight the most convenient and less long-winded option.
By collaborating with ShoreAgents, all you need to do is fill out your company profile. Once finished, the next step is to create a work order for your mortgage underwriter. From recruitment to providing the workspace and computer, we've got your back.
Our team of specialists will contact you and ask questions to guarantee that we meet your business requirements and objectives. Then, they will introduce qualified candidates for an interview, and voila - you can now select the best fit for your business.
Collaboration with Experts
Our mortgage underwriters work in a modern and comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Cost-efficient
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local mortgage underwriter.
Convenient & Less Tedious
Hiring a local mortgage underwriter will require you to set up a workspace and provide the necessary equipment. Not to mention that you have to spend time and energy interviewing & filtering the best candidates. Again, let's highlight the most convenient and less long-winded option.
By collaborating with ShoreAgents, all you need to do is fill out your company profile. Once finished, the next step is to create a work order for your mortgage underwriter. From recruitment to providing the workspace and computer, we've got your back.
Our team of specialists will contact you and ask questions to guarantee that we meet your business requirements and objectives. Then, they will introduce qualified candidates for an interview, and voila - you can now select the best fit for your business.
Collaboration with Experts
Our mortgage underwriters work in a modern and comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Cost-efficient
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local mortgage underwriter.
Convenient & Less Tedious
Hiring a local mortgage underwriter will require you to set up a workspace and provide the necessary equipment. Not to mention that you have to spend time and energy interviewing & filtering the best candidates. Again, let's highlight the most convenient and less long-winded option.
By collaborating with ShoreAgents, all you need to do is fill out your company profile. Once finished, the next step is to create a work order for your mortgage underwriter. From recruitment to providing the workspace and computer, we've got your back.
Our team of specialists will contact you and ask questions to guarantee that we meet your business requirements and objectives. Then, they will introduce qualified candidates for an interview, and voila - you can now select the best fit for your business.
Collaboration with Experts
Our mortgage underwriters work in a modern and comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Cost-efficient
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local mortgage underwriter.
Convenient & Less Tedious
Hiring a local mortgage underwriter will require you to set up a workspace and provide the necessary equipment. Not to mention that you have to spend time and energy interviewing & filtering the best candidates. Again, let's highlight the most convenient and less long-winded option.
By collaborating with ShoreAgents, all you need to do is fill out your company profile. Once finished, the next step is to create a work order for your mortgage underwriter. From recruitment to providing the workspace and computer, we've got your back.
Our team of specialists will contact you and ask questions to guarantee that we meet your business requirements and objectives. Then, they will introduce qualified candidates for an interview, and voila - you can now select the best fit for your business.
Collaboration with Experts
Our mortgage underwriters work in a modern and comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
What are the duties of a Mortgage Underwriter?
The responsibilities of a virtual mortgage underwriter will be tailored to your business requirements. They are also dedicated to following the established lending policies and procedures. Here are some of the main duties and responsibilities of a mortgage underwriter:
Analyze the borrower’s income, verify employment, and evaluate the credit report.
Review loan conditions, credit card, and credit scores, and prepare reports on assessment findings.
Assess property documentation such as insurance, sales contracts, and appraisals for value.
Analyze the financial risks and assures that the client will be able to make monthly payments.
Finalize the approval or rejection of loan applications with the help of a loan officer.
But what are the characteristics of a proficient mortgage underwriter? The best candidate should typically possess outstanding financial and organizational skills to handle multiple loan applications.
Mortgage Underwriter Role
Assigning principal duties to a mortgage writer? Check out the following tasks that virtual mortgage underwriters can accomplish with the help of proper technology. For each task, a cross mark means it’s only necessary for underwriters who are working on-site. Both check & cross marks are indicated for some of the aspects that can be done virtually but require in-person work.
Make sound decisions based on the applicant’s creditworthiness
Communicate with appraisers and maintain the bank’s appraisal portal
Review property documentation and double-check for missing information
Efficiently communicate with the clients’ reasons for both loan approval and rejection
Submitting loan files to banks or mortgage lenders for approval
Return loan applications with additional documentation
Where to hire a Mortgage Underwriter?
It is known that recruiting and hiring a mortgage underwriter takes a lot of time and effort. With the help of a trusted outsourcing agency, you can devote more attention to sales. After all, it is the lifeblood of the business. Here are some options on where you can hire a mortgage underwriter:
1. Hiring Platforms
There are various online hiring platforms such as Indeed, LinkedIn, and ZipRecruiter among others to help you find the best candidate. Check out the following requirements and recruitment process that you need to partake in for the mortgage underwriter role:
Writing an accurate and comprehensive job description
A detailed job description will assist potential candidates in comprehending the day-to-day responsibilities and work environment of your business.
There are numerous job descriptions that can be found online. However, it’s advisable to tailor it to ensure that only suitable candidates are filtered and receive their applications.
Posting and advertising the job locally and online
Hiring platforms will usually require companies to create their profiles and state their nature of business. Afterward, they can successfully publish a job online. Advertising the job on social media platforms helps reach a better engagement. But expect that there might be several unqualified applicants and you will need to go through them manually.
Filtering and scanning applications
Scanning applications may sound easy, but it’s certainly the opposite. Particularly if you have received over a hundred (or even thousands) of applications. Candidates typically state their job descriptions in their previous work experiences which are essential to go through one by one.
Apart from this, marking the names and profiles of the qualified candidates should also be done simultaneously. This will help you organize your recruitment process by gathering and identifying all the qualified applicants.
Interviewing applicants
Setting the initial interview with the chosen candidates is just the icing on the cake. Throughout this procedure, one of the responsibilities involves inquiring about the candidate’s work experience. You may also need to introduce your business and company workflow and comprehend their objectives for the position.
Conducting background checks
Background checks are part of the crucial process of recruitment. This typically involves looking into the candidate’s employment and payment history, criminal records, and education.
Negotiating the salary
This process can take a lot of time and is challenging to negotiate labor costs, especially if you’re contemplating hiring locally. A virtual mortgage underwriter from ShoreAgents costs 1/3 to 1/2 of what you would typically pay in other countries. In fact, you could even hire at least two virtual mortgage underwriters for the price of one based locally.
Buying a computer and finding a desk space
Apart from filtering applications and interviewing candidates, you will also need to provide the necessary equipment for your mortgage underwriter staff.
Onboarding the chosen candidate
If you think that the hardest part is over, there are still more tasks left: onboarding and formalizing the job offer. Once you have selected the best candidate, you will need to go through the onboarding process. This involves orientation, training, and initial performance feedback.
2. Real Estate Staffing Solution Experts
To put it simply, it is crystal clear that hiring platforms are definitely helpful to discover potential candidates for the role. However, the process will be complex and incredibly tedious. Fortunately, there are real estate staffing solution experts who can gladly do the heavy lifting for you!
Partnering with ShoreAgents will help you save a tremendous amount of money, time, and resources for various reasons. You can expect to pay low labor costs and leave the tiresome recruitment process to real estate staffing experts.
Most importantly, outsourcing to the Philippines means that you can expect a large and highly skilled workforce. Filipinos are certainly keen to work with foreign companies and will not require a lot of cultural adjustment time. Check out the major hiring process that ShoreAgents offer:
Help develop the job description, advertise the job, and review applications. We provide qualified finalists for you to interview.
Provide a welcoming, spacious, and modern office where the mortgage underwriter can feed on the energy of working with fellow underwriters.
Arrange for the provision of a desk, computer, headphones, two monitors, and a webcam.
Consistent training and education to comprehend the real estate business from an expert’s perspective.
Takeaway
Hiring a qualified mortgage underwriter is certainly not an easy route to take, particularly if you’re considering hiring one locally. Aside from the intricate process of recruitment, one of the major considerations is the labor costs to find the best candidate.
At ShoreAgents, we make hiring easy for you and take care of meeting all the labor regulations. You’ll find the best virtual real estate staff and be confident that your business needs will be met.
