Andrea Spratt: The mortgage underwriter who never gives up
Name: Andrea Spratt
Role: Mortgage Underwriter with Bridgewater Bank
Years worked in financial services: 20
Work location: Ontario
Superpower: Never giving up on a deal
That’s right! Andrea never gives up on a mortgage deal. It’s her superpower, and it’s appreciated by the mortgage brokers she works with and their clients. If you asked her husband, he’d say she was a perfectionist, and that is certainly someone with the underwriting expertise you would want working on your mortgage.
The path to becoming a mortgage underwriter
Q: How did you come to work at Bridgewater Bank?
Andrea: I wasn’t always an underwriter. Twenty years ago, I started my career in the mortgage industry with one of the big five banks, working as both a personal banker and mortgage professional. Seven months ago, I made the switch to Bridgewater Bank, becoming an Ontario underwriter.
When I started to work right out of college, I didn’t really even understand mortgage concepts. Once I was exposed, I was instantly drawn to it. It’s all I really want to do, and lucky for me, there’s always going to be a need for it.
Q: What is your favourite part of being an underwriter?
Andrea: Definitely, working with people and staying on top of market trends are my favourite functions of my underwriting role. I feel like I make a real difference to people, even if I never meet them.
Understanding alternative lending from both sides
Q: Why alternative lending?
Andrea: I hope the brokers I work with feel confident that I understand exactly what they need from me. I’m relatively new to the underwriting role, but I spent eight years as a mortgage broker, helping people with all types of mortgages.
I love my underwriting job in alternative lending because of the variety. Everyone’s situation is different, and it’s important that we treat each mortgage application as unique. We need to see the grey through the black and white.
Connecting in Ontario and beyond
Q: How do you stay informed about what’s happening in the market, especially in your region?
Andrea: Ontario is my market. I live here, and I have friends and acquaintances in real estate. I also spend time looking at listings, connecting with colleagues locally and across the country, and staying on top of industry trends and current events.
While I know the Ontario market well, it’s just as important for me to know what is happening across the country. Recently, I had a file where a kitchen remodel was a condition of the sale. The flooding in B.C. disrupted the supply line for materials, and I had to do some juggling behind the scenes to meet the needs of both the buyer and seller. We have to be flexible and responsive because we don’t know what events might pop up.
On a personal note
Q: How much of an adventurer are you?
Andrea: I love adventure. My life is never dull with two daughters and an English Mastiff puppy. My husband and I have travelled extensively, but we still have Jamaica and San Francisco on our list.
Q: If I had the opportunity to pass through your region, what would be your top recommendation for things to do?
Andrea: I highly recommend taking a boat tour through the lift locks in the Peterborough area lakes.
Q: Who do you most admire?
Andrea: Definitely, my aunt. She is retired from two careers—in probation and policing. She still walks 10km a day, is very crafty, and really embraces life. I hope I’m just like her when I am that age.”
Final thoughts
Q: Do you want to share some final thoughts on why you work in the mortgage industry?
Andrea: I thoroughly enjoy my job, and I love Bridgewater Bank. They treat people so well—inside and outside of the company. It was the best idea to work here.