04 Nov What does a Mortgage Underwriter do?
When a mortgage loan application moves on from the hands of the loan processer, the next step in the mortgage process is underwriting. A mortgage underwriter is a gatekeeper of sorts for loan approval. When you apply for a home loan, the loan cannot close or be funded without a mortgage underwriter’s consent.
Approval of a mortgage loan is contingent on several factors, including credit history and perceived risk. The underwriter’s job is to ensure that the borrower meets all the criteria required for loan approval. Additionally, the underwriter verifies the credibility of the documentation that reveals title, insurance, credit and assets.
The underwriter is responsible for the final loan approval. If the loan is not approved, you as the prospective homebuyer are free to issue an appeal. However, for an underwriter to change their decision, sufficient facts and documentation must be available.
At Fairway Bozeman, our goal is to turn your dream home into a reality. Call us to discuss your financial goals, and we will find a great loan for your needs and work diligently to make the homebuying process wonderful for you.