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Job Description for Underwriter
Underwriters work primarily in banks which handle loans and mortgages and are responsible for analyzing the risks of a loan based on the data in the application. They also oversee other information in the loan application to ensure it is accurate.
Loans are the primary source of income for a bank, and ensuring the quality of loans is of the utmost importance. Underwriters must follow all regulations, from the guidelines of the company and external underwriter to federal regulations for the approval process. They must have strong communication skills to work well with applicants, as well as management skills to ensure that loans are of high quality and helpful for both sides. The ability to learn quickly
is highly beneficial, as well, as technology is constantly changing.
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Popular Employer Salaries for Underwriter
Many Underwriters can be found at J.P. Morgan Chase & Co. (JPMCC), The Travelers Companies, Inc. The Chubb Corporation, State Farm Insurance Company, and American International Group, Inc. (AIG), firms that are at the top of the field. Employees of The Chubb Corporation can expect to make the most, with the company offering a median salary of $74K; however, pay is widely dispersed from bottom to top, ranging from $53K to $103K. Soaring salaries can also be found at The Travelers Companies, Inc. Liberty Mutual Insurance Group, and The PNC Financial Services Group, Inc. where earnings of $70K, $67K, or $64K are standard for Underwriters.