Joe Kustra, senior suspense underwriter at Quicken Loans, helps to clear some of the confusion surrounding the mortgage underwriting process. "Buying a home is exciting, emotional, and can be scary, especially if something unexpected comes up along the way," said Kustra.
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Once you complete your mortgage application, you’ll probably receive a status that reads "submission to underwriting." But what does that mean, and what’s next? Underwriting falls under.
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Mortgage underwriting is a process through which lenders (A) measure the risk associated with a certain loan, and (B) ensure that the loan complies with the lender’s minimum guidelines. It is the underwriter’s job to determine if the risk of lending to a particular borrower is acceptable.
The key is to understand how the process the works, and what the underwriter is trying to accomplish. In this article, we will discuss some of the most common underwriting problems that could delay – or even derail – your mortgage loan. So what is underwriting, anyway?
Underwriting your mortgage – During the underwriting process, the mortgage company or bank does its due diligence. They will review the required paperwork from you, have the house appraised to confirm its value, and evaluate your credit. These steps will lead to a decision by the bank or mortgage company as to whether you’re eligible for the loan.
On the fun scale, the mortgage underwriting approval process often feels like an exceptionally long dental appointment. You’ve dutifully gathered the mountain of documentation required to obtain a mortgage. or so you thought. You’ll either hand them over to your loan officer or you’ll give them to an assistant or a processor.
A great tip for speeding up your underwriting process is to become a Certified Home Buyer with Churchill Mortgage. That means an underwriter reviews your file before you go under contract on a house.
The most important person in the mortgage approval process is the person you will never see or meet. That person is the underwriter. No lender funds or closes on a loan without the approval of an.
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