Dumb question about Underwriters - Posted by steve

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.

Dumb question about Underwriters - Posted by steve

Posted by steve on April 30, 2004 at 16:20:11:

I don’t quite understand what an Underwriter is. I do know they are essential to the loan process. Can someone please clarify what it is they do? Or who they are?