Then, the underwriter will approve, hold or decline your mortgage application. During the underwriting process, an underwriter will review your mortgage application and decide whether you are likely to be able to repay the loan. The underwriter will determine if you qualify for the mortgage. Once you’ve applied for a home loan, your application will typically be organized by a loan processor and then sent to a loan underwriter. The underwriting process, performed by an underwriter, is necessary for getting your mortgage approved. They pass this information along to the mortgage underwriter to check your credit history and assess your current financial situation. They will evaluate factors to help better understand your financial situation.īefore the loan gets passed to an underwriter, a home lending advisor, loan officer or mortgage broker will collect the documents that are necessary for your application. A mortgage underwriter assesses the risk when it comes to determining if you can repay the mortgage and makes sure all the information provided is accurate. Through underwriting, the bank, credit union or mortgage lender assesses the probability of whether you’re able to pay back the home loan before approving or denying your mortgage application. What does a mortgage underwriter do?Īn underwriter will take an in-depth look at your credit and financial background in order to determine if you’re eligible.

But underwriters are people, too! So, we've created this article to help you better understand underwriters by describing what they do and what they look for when reviewing your mortgage application. You may be wondering, what is a mortgage underwriter? A mortgage underwriter is the person employed by the lender who takes a deeper look into your finances before approving a loan.įor many people, working with an underwriter may sound intimidating, especially if you’re a first-time homebuyer.

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