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Underwriting Associate Jobs in Indiana (NOW HIRING)

Busey

Commercial Underwriter - CRE

Carmel, IN

$75K - $110K/yr

... underwriting to support the company's portfolio management and new business development efforts ... In addition, eligible associates may take advantage of pre-tax health savings accounts and flexible ...

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Underwriting Associate information

See Indiana salary details

$8

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How much do underwriting associate jobs pay per hour?

As of Aug 7, 2026, the average hourly pay for underwriting associate in Indiana is $18.09, according to ZipRecruiter salary data. Most workers in this role earn between $14.42 and $19.23 per hour, depending on experience, location, and employer.

What is an underwriting associate?

Underwriting associates are entry- to mid-level professionals who support underwriters in evaluating and processing insurance applications or loan requests. They assist in gathering and reviewing applicant information, assessing risk factors, and preparing documentation necessary for decision-making. Their work ensures that underwriters have accurate data to determine whether to approve or deny coverage or loans, and under what terms. Underwriting associates often interact with agents, clients, and other departments to facilitate a smooth underwriting process.

Can I become an underwriting associate with no experience?

Underwriting associates typically need some knowledge of insurance policies, risk assessment, and data analysis, but entry-level positions may be available for candidates with strong analytical skills and a willingness to learn. Many employers provide on-the-job training, and relevant certifications or coursework can improve chances of starting in this role without prior experience.

Do underwriting associates earn good money?

Underwriting associates typically earn a competitive salary that varies based on experience, location, and industry. Entry-level positions may start with moderate pay, while experienced associates with specialized skills can earn higher wages, often supplemented by benefits and bonuses. Overall, it is considered a stable and well-paying role within the insurance and finance sectors.

What are the key skills and qualifications needed to thrive as an underwriting associate?

To thrive as an Underwriting Associate, you need a strong understanding of risk assessment, analytical skills, and knowledge of insurance principles, often supported by a bachelor's degree in finance, business, or a related field. Familiarity with underwriting software, data analysis tools, and sometimes certifications such as CPCU or AU is highly valuable. Attention to detail, effective communication, and organizational skills help you excel in evaluating applications and collaborating with clients and colleagues. These skills ensure accurate risk evaluation, efficient workflow, and compliance with industry standards, leading to sound business decisions and customer satisfaction.

What are some common challenges underwriting associates face when balancing risk assessment with client expectations?

Underwriting Associates often need to carefully evaluate the risk profile of applicants while also considering the business objectives and maintaining positive relationships with clients or brokers. A common challenge is ensuring thorough risk analysis under tight deadlines, especially when clients expect quick decisions. Balancing the need for accuracy and compliance with internal policies, while also providing responsive service, requires strong organizational and communication skills. Collaborating closely with senior underwriters and other departments can help manage these challenges and ensure informed, fair decisions.
What are the most commonly searched types of Underwriting jobs in Indiana? The most popular types of Underwriting jobs in Indiana are:
What cities in Indiana are hiring for Underwriting Associate jobs? Cities in Indiana with the most Underwriting Associate job openings:
Underwriting Associate jobs near you
Infographic showing various Underwriting Associate job openings in Indiana as of August 2026, with employment types broken down into 1% As Needed, 69% Full Time, 27% Part Time, 1% Temporary, and 2% Contract. Highlights an 97% Physical, 1% Hybrid, and 2% Remote job distribution, with an average salary of $37,634 per year, or $18.1 per hour.

Senior Loan Review Associate

Merchants Bancorp

Carmel, IN • On-site

Full-time

Medical, Dental, Vision, Retirement, PTO

Re-posted 22 days ago

Job description

Job Type
Full-time
Description
The Senior Loan Review Associate resides in the Loan Review team, within Enterprise Risk Management. This position will help conduct loan reviews across the Bank's non-consumer loan portfolios. This role involves analyzing financial information, collateral, and underwriting decisions to ensure compliance with Bank policies and regulatory guidelines. The analyst will evaluate the quality and condition of individual credit and determine appropriateness of risk ratings. The Senior Loan Review Associate consults and timely provides the VP, Loan Review an objective assessment of the credits reviewed.
Internal loan review provides management and the board with an objective, independent, and timely assessment of the overall quality of the non-consumer loan portfolios. The Senior Loan Review Associate is expected to validate the loan risk ratings based on the timely identification of problem loans by the business units so that necessary action can be taken to strengthen credit quality and minimize the Bank's credit loss. An effective credit risk review system identifies relevant trends that affect the quality of the loan portfolio and highlights portfolio segments that are potential problem areas.
After one year as our Senior Loan Review Associate you should be able to do the following confidently and independently...
  • Conduct loan review analysis of non-consumer loans in the Bank's various portfolios. These reviews include:

1- Analyses of financial information, cash flow, collateral, loan documentation and underwriting decisions.
2- Analyzing Debt Service Coverage Ratio and/or covenant trends, and classified asset update/action plans.
3- Ensuring individual loan transactions are adequately underwritten and properly graded, conforming to Policy.
  • Make recommendations for adjustments to the loan risk grade. Collaborate, confer and discuss results and recommendations with the VP, Loan Review and applicable credit personnel.
  • If applicable, participate in targeted reviews as directed by the VP, Loan Review. For example, complete retrospective reviews (postmortem reviews) and lessons learned to identify issues/trends that may need improved in underwriting and/or asset management (control break downs), to prevent similar credit issues from occurring in the future.
  • Identify relevant portfolio trends that may indicate changes in the credit risk.
  • Work to develop and maintain functional partnerships with colleagues in the line of business to ensure effective communication and understanding of credit related processes.
  • Promotes and maintains a positive work atmosphere by behaving and communicating in a positive, professional manner to work effectively with co-workers, management, partners, and vendors.
  • Ensure compliance with all banking laws, rules, regulations, and prescribed policies/practices/procedures necessary to reduce risk and uphold ethical standards related to and required by one's duties.

Requirements
What we are looking for...
  • Bachelor's degree in a business-related or accounting field required with minimum of 5 years' experience as a credit analyst, loan review associate or risk analyst of a steadily growing commercial portfolio.
  • Knowledge in SBA, commercial & industrial, multi-family and healthcare lending and experience in banking or a financial services industry background preferred.
  • Strong analytical and organization skills.
  • Ability to influence at all levels of the organization through strong verbal and written communication skills as well as confidentiality required.

Our Benefits: Health, Vision, Dental, 401K, ESOP, 100% Tuition Assistance, 4 weeks paid time off, plus a few more.
About Merchants
Ranked as a top performing U.S. public bank by S&P Global Market Intelligence, Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing; Mortgage Warehousing that offers mortgage warehouse financing; and Banking that offers retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking. Merchants Bancorp, with $18.8 billion in assets and $11.9 billion in deposits as of December 31, 2024, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Merchants Capital Investments, LLC, Merchants Capital Servicing, LLC, Merchants Asset Management, LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana.
Merchants Bank and Merchants Capital have recently been honored with the 2025 USA Today Top Workplaces recognition, ranking 22nd nationally within the 500-999 employee category. This is the second year that Merchants has been recognized with this award. These accolades build on our strong history of workplace recognition, including being named a Best Place to Work in Indiana for seven consecutive years (2016-2022). For more information read the entire article here .

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