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A mortgage underwriter who works for the lender then verifies your identity, checks your credit history and assesses your finances, including your income, cash reserves, investments and debts.
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 ...
An underwriter will work with you to gather a lot of financial information and determine your risk level Must meet set requirements, such as for credit score and debt-to-income ratio, which vary ...
To help the underwriter assess the quality of the loan, banks and lenders create guidelines and even computer models that analyze the various aspects of the mortgage and provide recommendations regarding the risks involved. However, it is always up to the underwriter to make the final decision on whether to approve or decline a loan.
During the mortgage loan approval process, a mortgage loan underwriter verifies the financial information that the applicant has provided as to income, employment, credit history and the value of the home being purchased via an appraisal. [4] An appraisal may be ordered. The underwriting process may take a few days to a few weeks.
Mortgage underwriting is the process of verifying and analyzing the financial information you provide your lender – all with the goal of giving you an answer of yes, no or maybe. As part of the ...