I would like to become a mortgage underwriter–any advise out there?
I’ve been an assistant to a mortgage broker for the past two years. I just turned 21 and I find that the real estate industry is very facinating yet very stressful at times. But I find that if I can become an underwriter that this will help me to become a mortgage loan consultant in the future or account executive. Any advise out there would be welcomed. Yes, I’m looking for a new job but I want one that will help me become a mortgage underwriter.
I have a friend that was an assistant to a mortgage broker and managed to get a job at BofA where they trained her to become an underwriter without first having been a jr. processor—what luck. HELLLLP. I don’t have many contacts. 
Mary B is right, stay where you are. The knowledge you gain there is priceless. Get to know the lingo and routines of underwriters policies, and be hands on. Try talking to the bank reps, and attorneys on both sides. If you can do this successfully, you will become a multi-millionaire easily. Become an investor on the side once you get every aspect of a loan down pact and develop a hoovers handbook containing all your resources, when you met, who they have connects to, their resources (cousin works at salomon bros, brother plays for NHL) anything that might not be relavent at the time. Update it everytime you have a convo and something important is said. Get your Investment Management License Series 6 and 63 and 62. That will allow you to do CMO’s (Collaterallized Mortgage Obligations) Mortgages are bought and sold all the time. CHanges in who you write the check to change from time to time for your mortgage. Well, individuals can do the same. Lets say you have a few relatives that own homes. Most of them are paid for or have alot of equity in them. You can do a cross collateralization loan and get say $1mil. ( will be $7000mo). You can then buy $5mil in mortgages ($36Kmo income) So lets do the math. 36-7=29. So $29K a month for the duration of the loans contained within the 5mil. Mortgages are 30yrs. So lets just do half that. So for the next 15yrs you will be making $29K a month split by 3 relatives, 4 relatives. Even at 4 relatives thats $7,250mo each for the next 15yrs. Or if you can get someone to loan you the money you can pay them back with so much interest. So basically using this example and saying that the mortgages you bought are 5 people with $1mil homes. All 5 of them are now paying YOU for their mortgage. Because you own their mortgages. Even at $500K you can get $2.5mil and thats $18000mo income and $3500 for the $500K if you had to get a loan. So you net $14,500mo. Using a Mortgage Brokers knowledge and access to real estate notes and investors. I think you can undertstand where Im coming from. Remember what I said and by the age of 22, 23,24, or 25 you should be worth millions. Google is your friend, do research on it and ask your boss about them. Learn how they work, get info on classes for Series 6, Series 63 and 62. Also become a notary too that always helps. When the dust clears you will have a mountain of information and a nice future for a wife and kids.
