Why this matters:
An underwriter must be able to look at key data points like debt-to-income factors and credit history to determine the risk level of lending to a particular applicant. A strong candidate will clearly communicate which factors indicate risk and be able to articulate their process for approving or denying a loan, including what to do when it may be a close call.
What to listen for:
- In-depth knowledge of the loan application and insurance application processes
- Strong judgment
- Ability to make a call in complex situations
Why this matters:
To perform advanced data analysis and keep files accurate and organized, underwriters should be comfortable working with underwriting and statistical software. A strong candidate stays up to date on the latest technological advances in the industry and is confident and capable when it comes to learning new programs.
What to listen for:
- Familiarity with basic statistical analysis and underwriting software
- Enthusiasm for learning new technologies
- Up-to-date knowledge of industry trends and advancements
Why this matters:
Underwriters work on multiple files at once and juggle large amounts of data. At the same time, they must ensure that all files are accurate and complete. A strong candidate will be organized and attentive to detail. They should be able to define clear methods for catching mistakes such as double-checking work or enlisting the help of a trusted software program.
What to listen for:
- Accountability for errors and mistakes
- Strong attention to detail
- Clear processes for maintaining accuracy and catching errors
Why this matters:
Approving or denying a loan or insurance application is a high-stakes decision that directly impacts the future of a business. The importance of such a decision can sometimes cause stress and lead to friction between the underwriter and colleagues such as brokers, processors, and co-signers. A strong candidate will communicate clearly and work to diffuse any tension.
What to listen for:
- Ability to remain calm and professional under pressure
- Solution-oriented mindset
- Efforts to diffuse strain between colleagues
Why this matters:
The open-ended nature of this question allows candidates to fill in any information about their previous experience or customer service capabilities that may not have come up yet. It should give you a sense of what types of claims and applications they’re familiar with, as well as their judgment and process for dealing with situations that may not be straightforward.
What to listen for:
- A breadth of knowledge about different types of loans in your industry
- Problem-solving capabilities
- Any specialized skills or training not previously mentioned
Why this matters:
Loan and insurance policy approvals and denials aren’t just high stakes for your business, they can be emotional matters for potential customers. It’s important to understand how the candidate communicates bad news like the denial of a loan application. A quality candidate will stick by business policies, clearly communicate their decision to customers, and display empathy.
What to listen for:
- Empathetic approach to customer service
- Experience dealing with difficult situations, including denying an application
- Loyalty to institution and company policies
Why this matters:
Hearing what your candidate thinks makes for a successful underwriter will help you understand how they approach their work, their goals in the role, and values. The candidate should be able to list clear skills that successful underwriters must possess, such as attention to detail, organization, and strong data analysis.
What to listen for:
- Genuine passion for their career
- In-depth knowledge of the skills required to be successful in the role
- Values and goals that align with your company
Why this matters:
Underwriters often work on many different applications at once. Juggling multiple projects and switching gears throughout the day requires a great deal of organization and a knack for prioritizing tasks. The candidate should have clear tactics they use to stay motivated and organized, such as creating weekly checklists, planning controlled breaks, and setting a goal each day.
What to listen for:
- Ability to multitask and switch gears seamlessly throughout the workday
- Aptitude for working on multiple long-term projects at once
- Strong organizational skills
Why this matters:
Underwriters may hold high-level positions in an institution and be called upon to impart knowledge to coworkers unfamiliar with their application review process and data points. A quality candidate will be able to work closely with coworkers and communicate effectively, explaining complex concepts in plain language.
What to listen for:
- Strong verbal communication skills
- Demonstrated leadership abilities
- Ability to collaborate seamlessly with coworkers
Contact a sales consultant.