What the mortgage underwriting process looks like

1. Mortgage processing

* After the borrower collects all the necessary documents, the lender will then submit the documents, loan application, and credit reports to the mortgage service department.

- The mortgage file is assigned to the mortgage processor
- the task of the mortgage processor is to make sure that all documents that the lender has received from the lender are as complete as possible
- The package must be ready and complete to be ready for the mortgage underwriting process

2. The mortgage processor shall ensure that the following conditions are met:

- two-year tax returns are complete and signed
- two-month bank statements do not include overdraft facilities
- if the account balance is exceeded, the creditor should be notified
- make sure the borrower has written the appropriate explanations
- LOX explains offensive credit items and credit inquiries
- obtain employment verification
- get a rent verification
- Get a payment verification
- perform another task to ensure that the file is complete for the mortgage insurer

* A well-experienced processor will have a flawless file. After submitting the mortgage, the insurer will not have any misunderstandings or questions. The processor will facilitate the decision of the mortgage insurer.

Read more https://gustancho.com/mortgage-loan-underwriting-process

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