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Mortgage underwriting is the process the lender uses to determine whether to approve your mortgage application. Before underwriting, a loan officer or mortgage broker collects credit and financial ...
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process.
The nature and scope of a mortgage broker's activities vary with jurisdiction. For example, anyone offering mortgage brokerage in the United Kingdom is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective.
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.
“To verify this, Realtors will typically refer the buyer to their preferred mortgage lender to start the pre-approval process,” says Andrew Fortune, Realtor and founder with Great Colorado ...
A mortgage broker can save you time: Brokers do all the research on rates and fees. They negotiate for you, file the paperwork and keep the application process on track.
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