Months 1–3: Foundations

• Entry Role: Loan processor assistant, junior loan processor, or customer support at a lender.

• Focus Areas:

  • Learn the mortgage process from application to closing.

  • Become comfortable with borrower documentation (paystubs, tax returns, bank statements).

  • Study basics of credit reports, debt-to-income (DTI) ratio, and loan-to-value (LTV).

• Milestone: Understand the “four C’s” of underwriting (Credit, Capacity, Capital, Collateral).

Months 4–6: Guided Processing & Intro to Guidelines

• Training: Begin formal courses or company-provided underwriting modules.

  • FHA 4000.1 Handbook basics.

  • Fannie Mae Selling Guide overview.

  • Freddie Mac Seller/Servicer Guide basics.

• Practice:

  • Input files into AUS (DU/LPA).

  • Shadow an underwriter reviewing conditions.

• Milestone: Confidently prepare complete loan files for underwriter review.

Months 7–12: Junior Underwriter Role

• Workload: Begin reviewing low-risk files under supervision.

• Skills:

  • Calculate income for wage-earners.

  • Apply standard DTI and LTV rules.

  • Identify red flags (large deposits, credit discrepancies).

• Certification: Consider NAMU®–CMU (Certified Mortgage Underwriter) or CampusMortgage® courses for FHA/VA/USDA/Conventional.

• Milestone: Independently underwrite straightforward Conventional loans with oversight.

Year 2: Full Underwriter Development

• Responsibilities:

  • Expand to FHA, VA, and USDA loans.

  • Learn self-employment income analysis (Schedule C, 1065, 1120S, K-1s).

  • Handle layered risk (borderline credit + high DTI + minimal reserves).

• Regulatory Mastery: Stay updated with agency bulletins and CFPB rules.

• Milestone: Able to fully underwrite across all major loan types with limited sign-off.

Year 3+: Senior Underwriter / Specialist

• Role: Handle complex loan files, train junior staff, or specialize (e.g., Jumbo, SBA, Non-QM).

• Advanced Skills:

  • Analyze complex corporate returns.

  • Apply nuanced rules (asset depletion, rental income, foreign income).

  • Work on exception requests and credit risk assessments.

• Milestone: Full signing authority, possibly DE (Direct Endorsement) approval for FHA loans.

Quick Tips Along the Way…

• Keep a binder of guidelines and checklists by loan type.

• Subscribe to Fannie Mae/Freddie Mac bulletin emails to track updates.

• Network with senior underwriters — real scenarios teach faster than theory.

• Use practice files (many training programs include them) before handling live loans.