Your answer can best be framed along the lines that you are interested in the underwriter role and seeing how you can provide suggestions on efficiencies in the role, opportunities for expanding cross-functional collaboration, being a super user and subsequent trainer of new hires. If you are interested, being a resource for future college outreach/recruiting, may also be attractive to a rapidly growing company.
"First of all I would like to say that I understand the requirements of the company and also that I know what might be the expectations from this job. I would make sure that I add value to the company through my presence and work. Also, if needed I would love to volunteer my services as and when needed for any other tasks including training the interns, giving presentations at some other locations on behalf of the company, doing any voluntary work. I will make sure that I understand the company's culture and become an integral part of it and help it in future growth."
Provide the interviewer with an overview of your highest level of completed education. If you have attended any recent training seminars or conferences that are directly applicable, feel free to talk about those too! Next, share a few highlights from your education. You might talk about your education preparing you to multi-task and manage a busy workload. You can also consider sharing that your education has provided you with a good foundation, and you understand there will still be things to learn once you are on the job. Be sure to mention that you look forward to learning all that you can!
"I did my bachelors in Accounting and then trained under a senior underwriter for around one year. Since then I have done XYZ certifications to update my skill set. I read a lot as I understand that having the basic knowledge only is not sufficient in any profession, but we need to constantly upgrade ourselves by trying to learn more and more. My education provided me with the base to start working as an underwriter while my constant efforts to keep learning something new helped me in staying ahead of the others in this profession."
You can add a personal touch when answering this question. Be sure that your passion for your career comes through in your answer.
"I love working as an underwriter because I feel that by doing this job I am being valuable not only for the organization that I am working for but also for the society. I get to use my analytical skills, critical thinking and decision making every day. The challenges that I face every day as an underwriter and the risks that we face is an extra bonus in itself."
This is quite a common question for an interviewer to ask as they want to hear if you can describe a work colleague conflict and how you handled it. They are also looking to see how you handle working with changing personalities in a team environment. Talk about how you reached your ultimate solution and any lessons you learned from that. Describe the situation and how this person was difficulty. It is important to indicate the how/why they were difficult. Examples might be conflicting objectives or project goals, they had a different management or work style, etc. Then describe how you dealt with it. Example might be taking time to sit with this person 1:1 and walking through the project elements, how the two of you needed to work on specific areas for mutual gain. If it was with a difficult colleague/boss/client, then describe how you communicated the issue(s) you were encountering, what you proposed to solve the issues, and ultimately the resolution.
Through this question the interviewer wants to know how good you are at managing your time and deadlines. The best way to answer this question is to start by explaining that you understand the importance of time and also the repercussions of missing deadlines for any project. You can also add how you plan your day or week's work and how you prioritise your tasks, if you keep any reminders or use post-its etc.
"Yes, I am!. I understand that all underwriters have a lot of work to accomplish every day, and I must be efficient with how I use your time to achieve your goals. I spend first 15 minutes of time each day prioritizing my focus for that day to ensure that I am meeting deadlines, responding to urgent needs, and staying on track with meeting goals."
This is a common question used to evaluate culture fit. Don't not mention any activities that are specific to race, color, religion, sex, and national origin. If you are a competitive or non competitive athlete, do improv, volunteer, jump out of airplanes, save whales, etc., this is an opportunity to mention them.
"Something about me that many do not know is that I was a competitive dancer for many years. I gave it up once I started working as an underwriter. Despite it being unrelated to this profession, it truly did teach me about discipline and dedication."
As an underwriter it is very important to be analytical. Tell the hiring manager the ways in which you showcase your analytical skills. Sample
"I am a highly research oriented individual and consider it a vital skill for being a successful internal underwriter. I would consider myself most research oriented when I am presented with a brand new case, or client. I always want to start the analysis of the loan with the correct foundation."
Were you late or absent a lot? Did you get along well with the team? How do you handle tough situations? Refrain from making up answers that aren't true, as you're never sure if they'll make a call to your previous boss. Instead, focus on 2-3 traits of yours that have been highly complimented and tie them in to the role you're applying for.
"It depends on who you talk to. As far as I know I was never late for my work and always got the better of deadlines. Also, I check and double check my work before final submission which means there is always little or no chance of an error in my work."
The job of an underwriter is something that needs a lot of analysis and presence of mind. From this question the interviewer wants to understand if you have a good combination of analytical skills and common sense. Give an example of an incident where you used both and were able to achieve great results as well.
"I consider myself to have a good judgement and common sense but yes I do believe in my instincts. I make decisions based on the analysis that I conduct but there are instances where the analysis might tell you something which may not be good for the company in the longer run. At such times I do favour my instincts as well."
Being analytical is of course a very good thing as far as this job is concerned, but there are instances when a combination of instinct and analysis is useful. The hiring manager wants to know if you give more preference to your instincts or do you base your decisions on your analysis of the data and situations. For answering this question you can take an example of a situation and stating which of the two you prefer but yes giving more weight to your analysis is always a good idea as this job is more focused on your analytical skills. An underwriter is not supposed to be more of a thinker.
"I consider myself to be more analytic as this is a major part of our job but yes I do believe in my instincts and sometimes I make decisions based on both of these as the analysis might tell you something at times which may not be good for the company in the longer run. At such times I do favour my instincts as well."
An employee who has excellent negotiation skills and is a good communicator apart from being good at his job is a very rare combination which most of the employers are looking for. Make sure you present an example where you were able to use your negotiation skills and diplomacy to come up with a win-win situation for the company and the client as well. You may choose to give an example from your personal life but thats not advisable as the interviewer is looking for a professional achievement which can be of value for the company in the future. Remember your purpose for being there; you are not there to present rosy or sad stories from your personal life to get some emotional reactions from the interviewer. Be able to show how you drove to consensus, got to a point where everyone was satisfied with the result.
"In my last job, we were once dealing with this new prospective client who was not sure whether he wanted to go for our services or not. There were a few points in our policy that he was not happy with in particular. I decided to sit with him and talk to him about the whole situation. Once I got to know what his problem was, I gave him examples of situations where those clauses could actually be beneficial for him and also for his satisfaction made a minor change to the contract. In the end we got the contract and he was happy with our services too. We were happy because we got a big client."
This question demands for an honest answer, but at the same time you also need to be aware of the company's requirements and if there is an urgent need then you need to be prepared for that as well. If you are unable to leave your current job for certain time period, you should say so right here. You can figure out some way together to meet their requirements if needed. Similarly, if you have a project bonus that is paid out on a certain date, let the interviewer know.
"My current projects are all stable and green. I can transition them to another team member (or my boss) and be able to start with a two-week notice."
The objective of this question is to figure out if you always go by the book or you also take your own decisions if required. This is a very tricky question as the company might be very strict about the guidelines and might not select you if you have supported some such loan even if that was a very good decision. So you may want to exercise a little bit of caution here. Make sure you do your homework about the company and its culture. If you have worked on non-compliant loans, answer this with how in your past you worked on researching and analyzing non FHA loans. Expand on what the differences are, how you conducted your research and analysis. It is OK to present a loan that was not funded as your contribution to the decision is most important, not the result.
"I usually don't support loans that don't comply with FHA guidelines but there are always some exceptions to it. I have done a lot of research on non FHA loans, about the differences etc. (here you can add your findings) Sometimes it is OK to present a loan that is not funded as its our contribution to the decision is what matters the most. We can't control the results but make the best effort for doing something useful."
This question intends to find out how far does the circle of your knowledge go and whether you are able to make decisions that sometimes want you to go against the decisions of others. Provide an example including the fraud tools or methodologies that you are most familiar with. It is important to not disclose any proprietary tools or ratios that a competitor uses.
"I believe that this is a situation that every underwriter has to face every now and then in their career. To be honest it is our job to deliver fair and justified decisions irrespective of who are the parties involved. I can remember an incident where I was presented with a loan application and it was for some really old client of ours but there were a few discrepancies and it simply didn't pass the few methods that I use for making a decision. I decided to take a stand and got this to notice of the other team members. It eventually turned out that the application did have many discrepancies and could have put us at huge risk had it been passed. It did result in some people getting offended in the end but it was for the benefit of the company and thus my decision was appreciated at a later level."
What things have you repeatedly been complemented for? What are the common positive comments you receive on your performance reviews? These can be great starting points for identifying your greatest strength! Share one of these things with the interviewer stating that others have told you this is your greatest strength. Next, share how this strength will help you as an underwriter.
"I have been told by past managers that my greatest strength is that I am disciplined. I work hard and stay focused on the task at hand. My consistency makes me reliable and gives others confidence in me. I try to ensure that I make no errors in my work for which I check and recheck my work before submission, which has always been praised by my supervisors."
Two-sided question. One one side, it may be looking to see if you are too bold, while it may also be looking to see if you are humble. Talking about ourselves in this way can be challenging. We recommend reaching out to a few colleagues, family members, and friends. Ask them for their opinion. You'll probably be surprised at the consistency in their responses! Their answers will give you the response to the question. Tell the interviewer what sets you apart, and explain how your colleagues, family members, and friends have encouraged you with your gift in this area.
"I know that you may have received applications from several applicants that have the same qualifications as I do, but what possibly makes me different and better from the others is my excellent risk analysis skills accompanied with the fact that I trained under the best in this profession. Also, I am very punctual and organized and have a great attention to detail which also means I make almost no errors in my work."
With any job interview, it is crucial to understand the organization you are applying to. We recommend visiting the company website to learn key information such as current events and hirings or promotions or anything that qualifies as a news. Watch the videos on their website, and take note of the information on their Careers page if one is available. Come prepared to list off 5-6 things you learned from the company's website such as number of clients they have, number of branches they have, when the company started, who started the company, mission statement, vision statement, core values, etc..
Start with giving an example of a project or task where you excelled and were also commended by your seniors and team members. Explain the overall idea, what you personally accomplished, and if there were team members, how you helped them, etc. Also be able to explain how this project fit within the overall organization or was of significance in terms of customer size (if work related). In all cases, be able to drill-down into what you contributed, the challenges if any (tech, people, timing, etc.), and how you met these challenges.
"So far the greatest accomplishment of my career has been managing to acquire a big client which was at that time the biggest client in our books. I was responsible for contacting that client, holding the discussions and analyzing the risk related to this deal."
A typical example may be a project that required a great deal of activity and then was cancelled, a lost sale, even a failed business venture. The important part of this question is your ability to show how you gained knowledge and grew from the disappointment. Don't talk about any personal loss that you may have incurred or about anything funny in here. The interviewer is not looking for an emotional outburst but something that helps in acknowledging your decision making and problem solving skills. Also, anything that might make you sound like an arrogant or a negative person is a big no. Also, try not to dodge the question as it might end up resulting in a negative comment from the interviewer.
"I have always worked hard in my whole career for ensuring that we get the best clients for our organization but this one time I was really disappointed when we lost one of our big accounts to a competitor because they got a better deal with them. This took me by surprise as this was a really old account and they always used to renew with us only. Although this deeply saddened me but I decided that instead of being sad about losing this one, I would rather focus on bringing changes in our strategy and focusing on getting some new clients. As a result of our efforts we were able to acquire some big accounts and since then we have always ensured to review our strategy on a regular basis to see if there is any scope for improvement."
This can be answered with a difficult project encountered while in school or work. Difficult situations can be related to team dynamics, unrealistic expectations, incomplete directions, etc. Describe the project, the difficulty and how/why it was difficult. Then describe how you dealt with it. Example might be taking a project team member aside and walking through the project elements, how they need to work on specific areas. If it was with a difficult teacher/boss, then describe how you communicated the issue(s) you were encountering, what you proposed to solve the issues, and ultimately the resolution.
"In my career there have been many difficult situations but what I would like to mention here is one incident where a loan application came to me and we had a very little time to process it. We had to do everything quickly which required the cooperation of the whole team. One of our team members decided to quit the job at that same time, because of which we were in an even worse situation. That is when I decided to overtake the work that other team member was handling. With proper team work and coordination we finished the project on time and also got the contract."
The interviewer wants to know that you are the type of employee who will go above expectations for a customer. You are willing to do what it takes to make sure that your performance is at its best and your team gets the most out of it. If possible, share what project you were working on, what your basic requirements were, and how you went above-and-beyond. Be sure to mention why you decided to do it for that project to help the interviewer see your drive to be successful in your work.
"This happened when I was working under a senior underwriter and we were working on an important case which could have bought in some real big profit for our organization but my boss got very sick at the last stages when we had to submit our findings and decision. There was no way we could have completed this job without his supervision as I was fairly new and didn't have much experience. It was then that I decided to do my own research and spent the whole weekend in the library and over the internet, going through as many cases as I could and finally I was able to complete that project on my own. That was the first big project of my career that I did on my own and although it was a huge risk that I took, when my senior came back he praised me for my pro-activeness and we also got that client. After all our job is all about taking risks."
The best way of answering this question is by making sure that you are not completely giving a bookish answer but also not something that is totally vague and irrelevant. Divide your working style in several defined steps and present it in front of the interviewer. This will help the interviewer in determining how well organized and efficient you are in handling your work. The Problem Solving process consists of a sequence of sections that fit together depending on the type of problem to be solved. These are: *Problem Definition *Problem Analysis *Generating possible Solutions *Analyzing the Solutions *Selecting the best Solution(s) *Planning the next course of action (Next Steps) It may also be important to indicate where you seek out confirmation, validation and/or approval at various steps
"While solving a problem my first step is to define the problem.Then I gather all the relevant data and examine what could be the root cause, the scale of the problem and the possible solutions based on the analysis. The next step is always to analyse the solutions and figure out which one could be the best and based on the selection I make the suggestions."
Assure the hiring manager that you are able to successfully cope with schedule changes and other unforeseen circumstances. How do you react and what do you do to integrate these changes in your plans?
"When my day unravels a bit due to unforeseen circumstances, I will take a minute to reassess my priorities. Asking for assistance where needed is also important, at times, to ensure that I am not taken off schedule too much. All in all, I handle unforeseen projects and schedule changes quite well. it's always one step at a time for me."
If you have a daily planning period, now is the time to bring this up. For example "Every morning I spend 30 minutes planning my day over coffee, entering my 'to-dos', reviewing my long and mid-term projects on XYZ application." If you also have an end of the day ritual, where you go over what you got done, bring it up now.
"Every morning I spend 30 minutes planning my day over coffee, entering my 'to-dos', reviewing my long and mid-term projects on XYZ application."
This question drills deeper into how you manage your time, projects and what happens when things got out of your hands? Were you able to come out of such a situation on your own? Did you have to ask for help? What did you exactly do? The best way to answer this question would be through giving an example of a situation where such a thing happened with you and how you tackled with it. In case this never happened then explain how you manage your work everyday, how you prioritise things at work etc. Key to this is recognizing that there are limits to your capabilities, that you are able to recognize them, and for the better of the company, you were willing to take the corrective measures. Also, if you are giving an example then try to state something from the initial days of your career, something thats not recent.
"Working as an underwriter means that there will be times when there might be a lot of work on your hands. But if you are good at your job and keep things organized and plan well in advance then you can avoid situations where things might go out of your hands because of the overload. Being a part of the industry even I have been overloaded with work once or twice. This happened when I had just joined and was a trainee working under a senior underwriter. I used to work on small assignments and for some reason used to spend more than required time on each assignment just trying to be extra careful with everything I did. As a result I was overloaded with work in no time. At first I got panicked but then I got hold of myself in some time and decided to sort it all out. I arranged all the cases according to the level of importance, the deadlines and also on the kind of cases they referred to and then started working on them. I did have to put in a few extra hours of work to sort this all out but eventually I was able to finish it all. I did miss a deadline or two but was excused as I was still a beginner. It was on that day that I learnt that in order to avoid such situations planning is the best tool. Since then I devote the first 15 minutes of my work day in organizing my day and arranging my tasks based on the priority. My supervisors always praise me for I never miss on deadlines."
You can add a personal touch when answering this question. Be sure that your passion for your career comes through in your answer.
"I love working as an underwriter because I feel that by doing this job I am being valuable not only for the organization that I am working for but also for the society. I get to use my analytical skills, critical thinking and decision making everyday. The challenges that I face everyday as an underwriter and the risks that we face is an extra bonus in itself."
Be honest while answering this question. The motive of the interviewer is to find out if you will be a good fit for the organization and will stay with the organization for a long time. The hiring managers are not interested in going ahead with a candidate who doesn't see himself/herself as a part of the organization in the long term or not even for a year for that matter. Thus make sure you state realistic goals which are in sync with the career defined by the company.
"This year I want to learn and grow as much as I can in this profession. I want to gain more and more knowledge about this profession working for a good company like yours."
The best way of answering this question is to be positive and not to say anything that makes you appear like a pessimist. You should appear to be interested in this profession on a whole and make the interviewer feel that this is not just a few days stop for you. Its your choice for a long term career.
"Sometimes there are times when the work comes to our desk in bulk and becomes a bit difficult to manage. But it is as necessary as any other and with better planning and time management skills it can be easily managed. As an underwriter, I work as hard as I can to get it done, quickly and correctly, and not dwell on any negatives."
Be prepared to provide at least three aspects of your current role that are transferrable to becoming an underwriter. Specific experience in reviewing documents for completeness and accuracy, adherence to corporate policy, and legal compliance in other industries may be the best examples you can bring to the table. Additional skills in gathering research and developing financial risk assessments would be good.
"My current job involves reviewing a lot of documents, analysing them for financial risks, a lot of research and time management. I believe that these skills are of equal importance for the job of an underwriter as well. In addition to all this, I have a very good understanding of the tasks an underwriter needs to perform and thus I believe that I will be a very good match for this job."
Some companies prefer candidates who have bachelors degrees most specifically in finance, mathematics, economic, accounting etc. but most of the times either a degree in the above mentioned or a related experience is sufficient along with good knowledge of computers. For senior positions a candidate may be required to have certain certifications. Be prepared to present your skills in standard financial applications (most important would be MS Excel or comparable) spreadsheets. Strong skills (pivot tables, if-then, multi-variables) would be ideal.
"I have a bachelors degree in accounting in addition to an year long training done under a senior underwriter. During that training I got a practical knowledge of how to excel in our job by making use of several financial applications. Also, I learnt how important attention to detail is in our job."
This is an opportunity for you to show your knowledge of other roles, either as potential other roles that are open at this time in the company, roles that feed into becoming an underwriter, and roles that work with underwriters but have additional or other skills. You can begin with expressing how much you enjoy doing your job as an underwriter but at the same time also let the interviewer know that if not an underwriter then you would have been doing some job that is something similar to an underwriter's job.
"Although I enjoy being an underwriter to the core as it gives me freedom to use my analytical as well as problem solving skills and I can't imagine myself doing any other job as I am in love with this one, but if I still end up in a situation where I need to pick up an alternative career then I think I would like to be a budget analyst. The reason behind this choice is that in this job too I will get to utilise my skills and be valuable for the organization I work for."
This question is a way to determine if you understand industry guidelines for these ratios. They should be almost second nature.
An Underwriter evaluates the risk associated with providing insurance coverage or a financial loan to an individual or business. Based on data and analytics, they make recommendations to approve or deny insurance and/or loan applications. Most Underwriter positions will require a minimum Bachelor's Degree in a Finance or Business related field. Some regions may require additional Insurance related certification(s).