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Credit is what the underwriter uses to review how well a borrower manages his or her current and prior debts. Usually documented by a credit report from each of the three credit bureaus, Equifax, Transunion and Experian, the credit report provides information such as credit scores, the borrower's current and past information about credit cards, loans, collections, repossession and foreclosures ...
Continue reading → The post Loan Processor vs. Underwriter appeared first on SmartAsset Blog. ... When applying for a loan, there is a lot of paperwork and documentation requirements.
Before underwriting, a loan officer or mortgage broker collects credit and financial information for your application. A mortgage underwriter who works for the lender then verifies your identity ...
The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.
Mortgage underwriting is the process a lender uses to determine if the risk (especially the risk that the borrower will default [1]) ...
Continue reading → The post Loan Processor vs. Underwriter appeared first on SmartAsset Blog. There are many moving parts when it comes to applying for a loan. Each loan application consists of ...