What dose a loan underwritting mean?

Question

Im trying to sell my house and the people that are buying it loan is in underwritting and i just want to make sure that its sold. Does it mean that they are able to buy it, my realtor tells me its for sure but they keep changing the closing date cuz of the underwritters

Answer 1

Every loan goes to underwriting when they compare financials and the appraisal to see if it meets specs. What you want to ask for is the "commitment letter", that is when the underwriter is finished and the loan is funded. Tell them you'll feel comfortable that the house is sold when you see a commitment letter from the lender...that's what I provided my seller when I bought my house.

Answer 2

Loan underwriting is the process of evaluating your loan application to determine whether or not to approve your loan. Underwriters verify that your supporting documentation does support your loan application. Common-sense underwriting makes sure that your loan application and documents also make sense, that is, that the appraisal on your house is consistent with comparables, that your liabilities are consistent with your income level, etc.


Sometimes the Underwriting Fee includes the Documentation Preparation Fee. Sometimes the Underwriting Fee is called an Administration Fee, and that Administration Fee may or may not include the Documentation Preparation Fee.
Underwriting Fee – Once again, it is difficult to determine the exact cost of underwriting a loan since the underwriter is usually a paid staff member. This fee is usually in the neighborhood of $300 to $350.

Answer 3

Basically Loans underwriter is one who buys your loans. (also known as Debt Factory)