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annyb27 · Joined: 07 Jul 2009 Posts: 144 -1.08 Dollars($)

What is Mortgage Underwriter ?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Try this, this has detailed information

http://www.mortgagefit.com/underwriting.html

adonis · Posted: Sun Sep 27, 2009 8:28 pm Post subject:

Hi annyb,

Mortgage underwriter is a person who assesses whether or not you're eligible for the loan. They are the people who would either approve or reject your loan application. The mortgage underwriter would review the data given by the applicant and will decide whether the borrower, property and mortgage satisfy the requirements of the secondary market.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

The person who decides if you are eligible to get loan or the not

gmakerley · Posted: Fri Oct 02, 2009 3:08 pm Post subject:

ask me this 3 years ago and i would have had a ton of things to say (all worthwhile)

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Can you give some details George

I woudl love to know what was thier role 3 years back

May be we learn soemthing about the cause of this whole housing bubbkle burst

gmakerley · Posted: Sat Oct 03, 2009 7:46 am Post subject:

i was underwriting 3 years ago in a retail environment, doing prime loans and "alt-a" loans only. alt-a is the set of products that included the reduced credit score no ratio loans, stated income loans and the like. guidelines were pretty liberal, and we were expected to be reasonably liberal in our underwriting, while maintaining some sense so that loans didn't go bad right away.

in that environment, we didn't have all the turmoil that the sub-prime mess handed us. yes, there were some high-risk loans, and there were exceptions to the rules that vice presidents, etc. made that made no sense to me, but the overall milieu was one of ease. things have simply changed dramatically in that span of time, and qualified borrowers don't necessarily get the benefit of the doubt as they once did.

there's too much to say about those times, and i don't have the time in 2009 to expound. what i said in my earlier post was more of a throw-away line.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I guess you also did you contribution to this big bubble bust

Anyhow thatnk youfor sharing

Apprecite it

dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

Underwriter is important person in mortgage. He is responsible for confirming loan package and review the required guidelines of loan product.They also review following thnigs-

1)Appraisal and title report.
2)Additional validation of employment.
3)Mortgage payments.
4)Credit.
5)Other things related to loan documents.

They are the person who saction loan. They have ultimate power and decision authority over the approval of your loan. The time required to do this is driven by the volume in the market.It depends on market conditions.Normally it will take 3 to 5 days time.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Good summary dolley

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

The mortgage underwriter understands the mortgage loan qualification, approval, and pre-approval
To qualify for the mortgage, the mortgage underwriter basically looks at the credit history, credit score, down payment, equity, income, and outstanding

Property State:
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Credit Rating:

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