Ads
related to: how to get underwriting experience
Search results
Results From The WOW.Com Content Network
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.
Once you clear any conditions and get your mortgage approved, your home purchase is nearly complete. The final step comes on closing day, when the lender gives you the money, and you pay the ...
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.
It is the underwriter's responsibility to assess the risk of the loan and decide to approve or decline the loan. A processor is the one who gathers and submits the loan documents to the underwriter. Underwriters take at least 48 hours to underwrite the loan and after the borrower signs the package it takes 24 hours for a processor to process ...
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 ...
Underwriting could take a few weeks or up to a month before your application is approved. ... Dori Zinn is a personal finance journalist with more than a decade of experience covering credit, debt ...