National Association of Mortgage Underwriters (NAMU)®

Training to be a mortgage underwriter can follow a few different paths depending on your background and the type of loans (FHA, VA, USDA, Conventional, SBA, etc.) you’ll be working with. Here’s a structured breakdown:

1. Educational Foundation

• Degree: Many underwriters hold a bachelor’s degree in finance, business, economics, or accounting, though it’s not always required.

• Alternative: Some enter from related roles such as loan processing, loan origination, or customer service within a bank or mortgage company.

2. On-the-Job Mortgage Underwriting Training

• Most underwriters begin in entry-level roles (loan processor, junior underwriter, credit analyst).

• You’ll learn how to review borrower documents (income, credit, assets, collateral) and apply agency or investor guidelines under supervision.

• Training often includes using automated underwriting systems (AUS) like Desktop Underwriter® (DU) for Fannie Mae or Loan Product Advisor® (LPA) for Freddie Mac.

3. Formal Mortgage Training & Certifications

• Internal Training: Many lenders and mortgage companies run structured underwriting training programs lasting several months.

• Professional Certifications:

  • NAMU® (National Association of Mortgage Underwriters) offers designations like the Certified Mortgage Underwriter (NAMU-CMU).

  • CampusMortgage® provides FHA/VA/USDA/Conventional underwriting courses.

  • Other programs cover specialized areas (e.g., Certified FHA Direct Endorsement Underwriter, Certified in SBA underwriting).

• Certifications help demonstrate expertise and can speed up advancement.

4. Regulatory & Guideline Knowledge

• Underwriters must master federal guidelines:

  • Fannie Mae Selling Guide

  • Freddie Mac Seller/Servicer Guide

  • FHA 4000.1 Handbook

  • VA Lender’s Handbook

  • USDA Handbook 3555

• Ongoing training is essential since agencies release bulletins and guideline updates regularly.

5. Hands-On Practice

• Start with reviewing sample loan files under supervision.

• Progress to underwriting simple loan types.

• Eventually, handle complex scenarios (self-employment income, layered risk factors, multiple properties).

6. Soft Skills Development

• Strong analytical skills (to calculate ratios, review income trends).

• Attention to detail (to spot missing documents or red flags).

• Communication skills (to explain conditions to processors or loan officers).

Typical Path to Become a Mortgage Underwriter: Entry-level loan processor → junior mortgage underwriter → full mortgage underwriter → senior mortgage underwriter/credit risk specialist.