Insights
Need an underwriter? Key traits to consider in this critical role.
When selecting an underwriter, it is important to choose someone who has the right qualifications and experience to meet your specific needs.
Underwriting is a complex process that requires a high level of skill and expertise, and it is essential to find an underwriter who is well-suited to your business and your goals.
Here are some key traits to look for when selecting an underwriter:
Experience and expertise: Look for an underwriter who has a proven track record of success in underwriting similar types of loans or investment opportunities. They should have a deep understanding of the industry and the specific risks associated with your business.
Strong analytical skills: An underwriter needs to be able to analyze large amounts of data and make sound decisions based on that data. Look for an underwriter who has a strong background in finance or economics, and who is comfortable working with complex financial models.
Strong communication skills: Underwriting requires a lot of back and forth between the underwriter, the borrower, and other stakeholders. An underwriter should have strong communication skills and be able to explain complex financial concepts to non-experts.
Attention to detail: An underwriter needs to pay close attention to detail to ensure that all the information provided is accurate and complete. This is critical to avoid missing any important information that could affect the underwriting decision.
Flexibility and adaptability: The underwriting process can be unpredictable and changing circumstances can require an underwriter to adjust their approach. An underwriter should be flexible and adaptable, and be able to adjust their approach as needed.
Professionalism and integrity: An underwriter should be professional, respectful and trustworthy. They should be committed to maintaining the highest ethical standards and comply with all regulatory requirements.
In conclusion, selecting the right underwriter is essential for the success of your business. By looking for an underwriter who has the right qualifications, experience, and personal traits, you can ensure that the underwriting process is smooth and that the outcome is favorable for your business.
The Head of Underwriting at Franklin Lewis Partners has over 32 years of experience on both the banking side and client side. This depth of experience can help you avoid pitfalls less experienced underwriters haven't experienced in various economic cycles.