Posted by wes on April 30, 2004 at 18:05:45:
The underwriter is employed by the lender or can be a contract underwriter, but is the person that actually looks at the information you provide to a lender for a loan, analysis it, makes sure it fits into the guidelines of the particular program/loan you are applying for and finally makes the decision if you are approved or declined for a loan.
A loan officer or broker can give you a pre-approval and even tell you if you do not qualify for a loan. But once you actually apply for a loan, it’s the underwriter that represents the lender and approves or declines the loan based on your submitted information.