Underwriting career - what is day-to-day like?
I'm considering making the leap from accounting to underwriting. I'm applying for an opening at a regional bank. I'm just curious what the typical day-to-day is like for residential underwriting? Is it a predictable and organized? Or is it chaotic and full of day-to-day surprises? Is it boring? Do you get to build relationships or are you mostly working on your own? Are you expected to be flexible or are you able to build and follow repeatable processes?
The reason I'm interested in moving on from accounting is that accounting has this never-ending grind feeling to it. Deadlines are strict, scrutiny is high, and there's no room for error. And the "mail never stops" so to speak. At the same time, I enjoy working in a field where organization and accuracy are valued. I feel strongest when I'm organizing and analyzing information and I'm curious if underwriting would be a good fit.
I'm new to the forum and would appreciate any thoughts from those of you with underwriting experience. Thanks in advance!
Residential, like single-family or multifamily?
Anyways it can basically be all of those things, it really depends on deal-flow and who you work for. I would say in general it can be organized and somewhat predictable but each deal is different with surprises and there are deadlines and most of the time they're strict.
Not sure this forum will offer much value, as it's generally not a role people are seeking out.
I'm not sure what is like and I think it really depends on the bank and its culture. Loan closings and the process can be really stressful, so I'm sure it involves heavy deadlines and the potential for loan officers/originators to be calling you up and bitching why haven't approved the file or arguing about why some document from the borrower doesn't work, etc.
At least the mortgage brokers/loan officers I've used in my own transactions appear to be doing that to the underwriters. Transaction jobs tend to have a lot of deadline stress in any aspect of real estate, residential can be off the chart (go watch those 'million dollar listing' type shows). The underwriter is pretty critical in the transaction, and waiting to get 'clear to close' is the most stressful part of any residential transactions.
Caveat, I really dislike the residential world. Too many a-holes who think they know everything (but don't). So maybe I'm biased. I do think underwriters at a bank have a good career path into risk management, portfolio management, or even general mngt and I think the roles are decently well paid (all things considered). So I don't want you to think its a bad job, but just not my world .
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