Working with your lender as a
buyer taking a mortgage loan. Today, we're
going to be talking about the underwriter. Just who is the underwriter?
When you start the process of
taking out a mortgage loan, you're dealing with your loan officer, this person
will collect all your documents and let you know what you qualify for looking
at all your income and all your debts, etc. as well as your credit.
The loan officer most likely
will also work with a processor and that processor will help you collect all
those documents. So those two people
will be your primary interface but once the loan officer and the processor have
collected all the documents and put the package together, it gets sent over to
someone called the underwriter.
And while the loan officer
knows basically what it takes to get approval, the package has to be blessed by
So, who is this underwriter? This is a person who
works for the bank who looks over the package to make sure that everything is
in order, that everything is documented properly and justifiable, and that you
truly can afford the mortgage payment because once the underwriter blesses the
package, they do that knowing they can sell that loan in the open market.
You may work with XYZ mortgage
lender to get your mortgage, but pretty soon after that that mortgage will
typically be sold to. For example, Bank of America or Wells Fargo, there's so
many different servicing companies.
The underwriter is the one who
makes sure that everything is right with the loan that you truly do qualify. That
the loan officer did the right job and that they can sell that loan in the open
So I hope this has been helpful
and if you have any other questions, please feel free to reach out to me.