Getting a College Degree in Mortgage Underwriting Might be Worthless
I recently interviewed a group of underwriters for some research about what education and skills are required for mortgage underwriting. After the interviews I found that only 10% of all the underwriters I had met had a bachelor’s degree and only ONE (just one person) of the hundreds had a finance degree. All of these people making decisions and going about their careers, climbing the ladder and living the life had never stepped foot on a college campus. I was shocked…not because of the numbers but because they were just like me. I did find that quite a few had attended college, but they had promptly dropped out and decided that college was not for them. These people were SMART people, don’t think for one second I am telling you this was a group of dummies who were seasoned, high-paid mortgage underwriters…No way Jose…they were just people who were smart but didn’t finish college…college drop-outs making a super-salary…they were just like me. When the interview was over I received an email from on of the interviewees, Shelby K., that shows how the mortgage industry insiders try to keep people OUT of underwriting.
“I have been in the mortgage industry for 8 years but only underwriting for 9 months now…I really had to fight my way in. I started out as a loan officer and then moved into processing. After begging for an opportunity to underwrite at my company which they never gave me, I decided I should apply to other companies
I was afraid to apply because the ad said they preferred a candidate with a 4-year degree in Accounting Mortgage Underwriting or Finance. I remember thinking, I don’t stand a chance. But obviously I did because I got the job!
Now that we have talked I see what the game is and now I know that the whole ‘4-year degree preferred/required’ thing is just a line they put in there to keep people out…WOW
I was so ticked off when I read this email. Shelby is a hard-working, smart and capable woman with all the knowledge she needs to underwrite yet mortgage insiders were trying to keep her out of the circle. How are smart, hard-working people supposed to get ahead if these banks and lenders are trying to hold them back and take away their confidence?
I created the Mortgage Success System because I want to help people get in-the-know and get the high salaries they deserve. I’ve made a commitment to the underdog and I’m spilling the beans on all their secrets. I’ve made it on the inside and bringing everyone that wants to come IN with me!!! No more lies and misleading stories about what experience and education you need. No more of these so called “mortgage schools” and universities charging thousands and thousands of dollars to the “little guy.” This is wrong and I am here to make it right.
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