2,178,433
Yes and Yes. This is process where the lender evaluates the risk of a loan to determine whether a loan application is acceptable or not. There are many factors involved including credit history, collateral, and income vs debt ratios.
This, however, is not something you as an agent will be involved with. You need to focus on learning to become competent at the many duties of an agent.
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Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Lyn Sims
Schaumburg, IL
-
Candice A. Donofrio
Fort Mohave, AZ
-
Debe Maxwell, CRS
Charlotte, NC
5,229,296
Every one that I've ever seen has had an underwriter who works for the same company the lender hangs their license!
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Anthony Acosta - ALLAT...
Atlanta, GA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Richard Weeks
Dallas, TX
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Peter Testa
Danbury, CT
1,052,056
The underwriter works for the investors who are actually going to loan the money. The lender facilitates that loan but is not always the one with the money.
With a private lender, an underwriter might not be necessary. If I loan you money to buy a house, I would underwrite it myself by reviewing the value of the property, its condition, how likely I am to get it back in default.
In other words, to assess risk.
Underwriters nowadays are also often computers!
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
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Joseph Domino 480-390-...
Scottsdale, AZ
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Lyn Sims
Schaumburg, IL
-
Greg Large
Grove City, OH
1,196,588
Double Yup
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Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
508,218
Here you go:
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Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Bob "RealMan" Timm
Minot, ND
2,390,010
Yes in both cases.
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Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Nina Hollander, Broker
Charlotte, NC
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
5,048,718
Carol Williams and Candice A. Donofrio have you covered.
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Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Carol Williams
Wenatchee, WA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Bob "RealMan" Timm
Minot, ND
469,510
Yep, the underwriter is working for the lender. In my opinion, the key to finding a good loan officer is one that knows how to package the loan so when it gets to their underwriting department - it goes through smoothly and gets approved without a lot of requests from underwriting for more data which can get frustrating for the borrower and affect how they feel about the overall transaction. A smooth loan process is all in the packaging. And as an agent you will want the process to be smooth and on time or you run the risk of an unhappy client in the end even though you did all of "your duties" perfectly.
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Peter Testa
Danbury, CT
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Jill Murty, Realtor - ...
Laguna Niguel, CA
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Debe Maxwell, CRS
Charlotte, NC
1,844,171
Yes, damn them. The paper gatherer in the loan process sends to underwriter who stamps her/his approval on that loan. They are the person that actually grants the loan not the loan officer.
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Debe Maxwell, CRS
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Dan & Laurie Pittsenba...
Bellingham, WA
556,536
The underwriter works for the money provider who is not necessarily the lender. The lender might arrange the loan but not provide the funds which is usually the case with mortgage brokers. And a third company might handle the mortgage payments over the life of the loan.
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Debe Maxwell, CRS
Charlotte, NC
3,416,038
In short there is a loan officer know as the mortgage originator. They take the application and it is sent to the porcessor. Once the loan package it is complete, it is always sent to an underwriter for final approval. NOW, in the modern age like now, there is also desk top underwriting where those with perfect credit and within the criteria can be approved by computer. For those that are not approved by said computer, the human under writer will seek additional information from the buyer
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Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Debe Maxwell, CRS
Charlotte, NC
6,392,899
Yes and yes.
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Bob Crane
Stevens Point, WI
-
Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Debe Maxwell, CRS
Charlotte, NC
757,885
The Underwriter is employed by the lender.
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Anthony Acosta - ALLAT...
Atlanta, GA
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Debe Maxwell, CRS
Charlotte, NC
1,090,637
Part of the mortgage process involves underwriting the loan so there will be an underwriter on every loan and the underwriter works for the lender.
However, that is not something you need to worry about...the broker or banker who is handling the loan will deal with the mortgage process. Your role is to know and understand your role as a REALTOR® and do the best possible job for your client/customer.
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Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Debe Maxwell, CRS
Charlotte, NC
2,220,323
Good luck with your studies.
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Peter Testa
Danbury, CT
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,502,858
Yes and yes. The underwriter makes sure that the risk involved with lending the money is minimal. I once had one with Chase bank ask me to write a letter explaining why someone looked at my credit. The funny/sad part was, they wanted me to explain why they (Chase Bank Mortgage Services) looked at my credit!!!!
At that point I declined and went with another lender (this was month 3 of the painful process with Chase). The other lender got it done in a couple weeks.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Jill Murty, Realtor - ...
Laguna Niguel, CA
3,344,906
Yes - and it is always a good idea to get underwriting approval on a loan before finding a home and making an offer. Not all lenders do this. Big Bad Banks typically won't
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
4,882,349
Pretty much unless it is a seller finance loan.
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
5,772,575
Carol Williams has the answer.
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Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
4,800,082
The underwriter always works for the lender. But, is not always required.
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Dan & Laurie Pittsenba...
Bellingham, WA
921,504
Yes they are ever-present and they work on behalf of the lender.
Changes brought into the industry since Bank of America caused the 2008 crash, has imposed a great deal more accountability on the underwriter. If a loan goes bad, they don't get off unscathed. So, there is a real purpose for them to not only protect the bank but to play a good CYA game too
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Debe Maxwell, CRS
Charlotte, NC
5,215,873
Some lenders have desktop underwriting that is automated. If it is approved it moves on. If not, a individual underwriter will get involved. It is up to the lender.
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Debe Maxwell, CRS
Charlotte, NC
5,104,931
Yes and yes. And the appraiser, as well.
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Peter Testa
Danbury, CT
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Bob "RealMan" Timm
Minot, ND
1,310,972
Yes and Yes.
The underwriter is the one who approves or declines the loan.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
2,781,013
Underwriters have the final say and follow the banks guidelines.
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Joseph Domino 480-390-...
Scottsdale, AZ
417,071
Andrew you are digging deep and will be a great agent. If you have more lending questions and just want a fast answer feel free to call me
Lenders are all different
Banks have an in house employee (often a woman who has worked her way up from processing, audit, funding departments) who Underwrites loans. They review all the paperwork documentation on income, assets, credit, property... and more and dig around to find out the truth. they find NSF's on bank statements and google search business address etc
Mortgage bankers also have in house Underwriters
Some mortgage brokers broker the loan to a private company that can have an in house employee OR they give to contract Underwriters who may work on per file basis being paid for each file for many companies
The Underwriter is the gatekeeper, snoop dog, digger of truth
DU deaktop Underwriter (for Fannie Mae loans) and LP Loan Prospector for Freddie MAc are automated computer Underwriting systems. Sales person (loan originator or loan officer etc) runs the DU or LP of a file BEFORE sending to a human Underwriter to find out where flaws may fall or if the file fits the product desired
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
7,835,266
Yes. Your trusted local mortgage loan officer will help you learn about the process.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
5,583,278
Local banks often grant mortgages using their own money...they keep those mortgages in-house....not sold on the secondary mortgage market.... I loved dealing locally with self employed's and those who needed to have the builder hold a second mortgage.... there was flexibility...
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
5,868,372
4,434,127
4,935,556