Description
The process of evaluating applications for loans in real estate activities in which not only the prospective borrower but also the property being traded in is evaluated in order to assess whether the property will be capable of redeeming its value.
Alternative labels
real estate endorsement
property underwriting
land underwriting
real estate approval
Skill type
knowledge
Skill reusability level
sector-specific
Relationships with occupations
Essential knowledge
Real estate underwriting is an essential knowledge of the following occupations:
Mortgage broker: Mortgage brokers handle mortgage loan applications from clients, collect loan documentation and search for new mortgage lending opportunities. They complete and close mortgage loan processes for their clients.
Property insurance underwriter: Property insurance underwriters assess and determine the risk and coverage of a client’s property insurance. They analyse and review underwriting policies according to legal regulations.
Mortgage loan underwriter: Mortgage loan underwriters ensure compliance with underwriter guidelines. They participate in the implementation of new underwriting guidelines. They also review closed and denied loans.
Insurance underwriter: Insurance underwriters assess business risks and liability policies and make decisions about commercial property. They inspect the conditions of businesses’ properties, analyse inspection policies, assist with real estate and rent issues, prepare loan contracts and handle commercial risks in order to align them with business practices. Insurance underwriters analyse various information from prospective customers in order to assess the likelihood that they will report a claim. They work to minimise risk for the insurance company and make sure that the insurance premium aligns with the associated risks. They can be specialists in life insurance, health insurance, reinsurance, commercial insurance, mortgage insurance.
Optional knowledge
Real estate underwriting is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.
References
- Real estate underwriting – ESCO
