They're only purpose is to aggravate people .....

I understand they make pretty good money for the dastardly job.

To be sure all the proper documents and protecetions are in place to conform to the loan requirements.  Sometimes I think they add a few extra requirements at the end of the process, just to aggravate everyone.  

They help add support to the cups of a bra.

Lyn Sims nailed this one!

They determine risk and "approve" the loan the insurance policy, etc. based on their determination.

Great answer Lyn Sims 

to make sure the buyer's qualifications conform to the rules required to grant a loan.... 

Abby,

What Carol Williams stated so well.  A

abby tiscareno Someone has to be responsible for asking for that last piece of paperwork the day before the closing which has the potential for delaying the closing. Kathleen Daniels last statement clarifies their responsibility.

I was trying to think of something to say ... then I read Lyn Sims comment and thought ... that is it! 

In addition to being a PITA - they ensure compliance with all the rules and regulations of the loan. 

Lyn Sims said it best, but in reality, their purpose is to protect the investors.

In the mortgage world the underwriter removes the possibility of any collusion between the mortgage loan officer and the loan approval. In many mortgage shops, the underwriter is not even in direct contact with the loan officer. All the decisions for approval are not being swayed by the LO. I think it's a good thing.

They make sure that the prospective mortgage borrower qualifies for the requested program.

abby tiscareno - they 'underwrite' the loans for the buyers.

Carol Williams summed it nice. They are necessary evils.

To make sure loans meet certain standards and critieria so they can be bought and sold on the secondary market.

Mortgage Underwriters review every piece of paper, they check with the IRS, they check employers, they see if you whited out something, they have minds of international spies and psychic ability to see lies. They cross t's. They find mistakes that the secondary market buyer might dump back the loan to the lender who is originating. Their job is a difficult one to know legal rules and know what investors will or will not accept. The in house Underwriter's job is to protect the lender from getting a loan back that may not be saleable. Frankly you would be surprised at how many people supply fake information

Insurance Underwriters are a little different they look at risks and decide cost of risk

abby tiscareno Underwriters request and conform all required documents.

To make sure we do not get into more foreclousers down the road again like in the past.

Underwriting is a process that a lender uses to determine if the risk of offering a loan to this particular borrower is a sound business decision.  The underwriter will try to determine loan risk based on the borrowers credit, capacity and collateral.

Torture, for those who are into that sort of thing.

To determine if the borrower is worth the risk, and nix the deal at the last minute.

To review the mounds of paper and be sure all conforms to the rules.

I'm convinced their purpose is to piss people off. 

To make sure there is an outlet to sell the loan once it is closed because it is properly documented and analyzed!

I wish I knew...

Underwriters are the ones who determine if your loan will get approved.

They look after the banks interests.

It depends on the employer.

they make agents scream in the night

  What Carol Williams said.

One might think they are there to aggravate, and that they certainly can do. But presumably they are there to make sure all the protections for the loan are in place, no fraud, all the regulations are ebing followed, and they have a complete file of documents as required by the audit department. But I'm just guessing. I'd like to meet an underwriter some day!!

I so agree with Carol Williamsand Lyn Sims  !!

To annoy and cause massive stress in buyers, sellers and agents alike. 

Others have answered.

To say no when necessary.

They review the loan package and approve it.

to approve mortgage commitments

This is a loan license exam question.   Your test questions are way dated probably prepared way way when realtors or anyone who could do loan.

The underwriter is expected to be a non-commission based, unbiased determining opinion on the loan.

They are the people that allow the lender to lend the money.

They protect the criteria or integrity of the lender and the risk.