How Do You Understand A Mortgage Underwriter?
Mortgage Underwriters are under increasing pressure to conform to the new standards and procedures created in the mortgage industry. It is their job to make sure that all applicable laws and standards are followed on each mortgage underwritten by a company. They can be, and many times are, the deciding factor in whether a mortgage is closed on time, or at all. Send the mortgage underwriter a complete and accurate loan package. This will limit the amount of conditions placed on the loan before closing and increase the loan’s chances of closing on time. Understand that a mortgage underwriter is required, by law, to follow the rules and regulations of the mortgage industry to the letter. If they fail at this, the mortgage may or may not be able to be sold on the secondary market, which limits the profitably of the mortgage company. Ask the mortgage underwriter to clarify any information sent back to the lender that is not immediately understood. There may simply be a breakdown in communic
