Please tell us about your background in the industry
I started my career at the Tipton in 2009, having finished my A-levels and deciding that Uni wasn’t for me. I started working in the branch, serving customers with their various savings needs, which provided a great foundation for developing my customer service skills. After a couple of years working in the branch, I was ready for a new challenge and, with the Society being supportive of my development, I progressed into the world of Mortgages, initially as a processor and really learnt the mortgage life cycle from the ground up.
Since then, I have gained a vast amount of knowledge and experience from the various people I have worked with over the years, including our ever-present Technical Underwriting Manager, and completed my CeMAP Qualifications to progress to my current position of Senior Mortgage Underwriter
How would you describe the underwriting approach at The Tipton?
The Society prides itself on our personal approach to underwriting, where a person with real world experience, who knows the challenges people face on a daily basis, is the one reviewing your applications. Our decisions aren’t determined by a number or a score, we consider all applications individually and holistically to truly understand our customers, their circumstances and their needs to allow us to make a measured assessment of the suitability of an application, with both the customers best interests and responsible lending at the forefront of our minds.
It is this approach that allows us to assist all borrowers at all stages of their lives, from First Time Buyers to Lending in Retirement, as we understand that every application and every customer is different and many of our underwriters have gone through the same experiences that our customers have.
Could you share a specific example of how your manual underwriting has helped a broker case?
It is quite common for the Society to assess applications that have been declined elsewhere whether that is due to concerns over credit history and financial conduct or a case with a complex income that requires a thorough assessment.
A recent case we approved was one with an outstanding default with a Communications Supplier. Our assessment revealed that there was no cause for concern regarding the customers finances and the reason for the default was due to an unfortunate set of circumstances. As we could see the full picture, we were able to determine that the default
was a result of circumstance rather than behaviour and there was minimal risk of the customer not being able to meet their mortgage commitment.
What are the key skills required to be a good manual underwriter?
A key skill that has helped me greatly in my career so far is attention to detail. I believe Steve Jobs once said, ‘Details matter, it’s worth waiting to get it right’ and whilst obviously not intended to be about underwriting, it’s a philosophy you can apply to a manual underwriting approach. An initial assessment can give you a certain perception of a mortgage application or a customer’s circumstances, however if you take the time to look at the details it could change your opinion of the case you are looking at, and without those details you might come to a different conclusion.
This not only applies to cases where everything may seem perfect at face value yet there are causes for concern under the surface, but also for those cases where initially the situation appears ominous however the detail shows you that it’s not as serious as once thought.
I am a strong believer in a good underwriters first instinct is important, but I also believe a good underwriter accepts their decisions may be challenged and changed with the benefit of that extra detail.
What are the key challenges facing the brokers you speak to?
Given the uncertainty borrowers and the industry have faced, recently the biggest challenge is to find the best mortgage available for the customer.
Whilst the suitability of the mortgage product is paramount, interest rate is a big driving force behind the placement of mortgage applications, and this is difficult to manage in a time where rates are changing every week, with the sheer number of options available it requires regular reassessment.
What is the most valuable piece of career advice you’ve ever been given?
The best advice I have been given that has advanced my development as an underwriter is to build and cultivate key relationships from all areas of the business, both within the Society and the wider industry. Whether that is from the regulatory side or gaining knowledge in a specialist area. I have never stopped learning since I started my underwriting journey and I have truly benefitted from the wealth of knowledge and experience I have been able to lean on.
Perspective is extremely important in manual underwriting and if you are able to seek and understand perspectives other than your own it will enhance your underwriting ability.
