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What is Mortgage Underwriting?

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What is Mortgage Underwriting?

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So then, as we touched upon above Mortgage Underwriting is the word used to describe a mortgage product’s lending criteria and tolerances. The Mortgage Underwriting parameters are set by the Mortgage Lender, and are designed to filter the type of applicant they are prepared to accept.

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Mortgage underwriting involves a detailed analysis of the potential buyers financial status. Basically, an underwriter makes the determination of whether or not a particular lending institution wants to take on the risk (i.e., buyer) given the amount of the mortgage, the buyers financial obligations, and other variables (e.g., the lending institutions risk appetitie, risk profile composition).

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Underwriting is the process of having a third party accepts funds to absorb the risk of loss in value of merchandise. Mortgage underwriting is the calculation of the amount of risk of loss or damage to the asset. When a bank is issuing a mortgage, the asset or property is subject to an evaluation to determine the value of the asset.

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