What does underwriting mean?

Question

We are in the process of buying a house. Anytime I contact my loan officer she says it has been sent off for underwriting. We were supposed to hear something by Friday, now it has changed to tomorrow. 'the paperwork is on the underwriters desk'. Is this the final process before we actually own the house? Once this paper work comes back, will we be able to close?

Answer 1

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Most of the loan officer's pay comes from putting loans together. As a quality check point the investor that will be holding the loan requires all this data to be checked by an independent person that confirms all the data is complete and correct.

Once this is done the mortgage company can send their papers to the escrow or title (closing) company. The title company is also doing work- making sure you get clear title and the property taxes are paid and such.

Answer 2

I always tell people the lenders underwriter is like God.

They are the ones who make the final decision and approve or deny the loan. 99% of the time the loan gets approved, because the loan officer knows what they will be looking for and hopefully, has everything in order.

good luck...You are almost there. if it helps, all loans are taking forever to get approved these days.

Source(s):

Waiting sucks!