After a mortgage application has left the hands of the processor, it moves to the desk of the underwriter. The underwriter acts as a gatekeeper in the loan approval process. When purchasing a home, the loan cannot close or be funded without the approval of an underwriter.
Mortgage loan approval is contingent upon several factors, such as your credit history and perceived risk. It is the job of the underwriter to make sure that these factors meet the particular loan guidelines. In addition, the underwriter makes sure that all the required paperwork, including documentation for income, title, insurance, credit, and asset – as well as closing documents, is in place. The underwriter has final approval and final responsibility for the loan. If the loan is denied, it can be appealed, but the facts must be in place to support any change in an underwriter's decision.
When you are ready to purchase a home, we would love to talk to you about your home-buying options. Call us today to set up an appointment!