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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 ...
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 ...
However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually. [2] Mortgage loan officers specialize in ...
The underwriter also wants to get everything right in part because loans can be audited. Terms like “please” and “thank you” can go a long way. Be organized.
Underwriting: determining if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable, and includes verification, appraisal, title search and insurance, flood certification, and surveying.
In most cases, a loan officer or mortgage broker will collect your information and submit it to an underwriting software system – Desktop Underwriter for a loan that will be sold to Fannie Mae ...
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