Home Loan went to underwriters what does that mean? please help?

Answer 1

That means that your file went from your loan officers desk to the lender's person (underwriter's) desk......who looks at the entire file he submitted to them and decides what further documentation they will need to see.

Then they will either approve your loan as submitted, deny your loan or approve with conditions to be met prior to drawing the documents for you to sign or prior to funding your loan at closing.

Congrats and Good Luck

Open Book Advisors™

Answer 2

When your loan goes into underwriting that means that someone is checking the file for any inconsistencies or to see what other requirements may be needed in order for the loan to close. Some of the major things they are reviewing are your credit, assets, income, and employment documentation. Your loan officer should hear back from underwriting in a few days with most likely a conditional approval, they will then have to complete the new conditions or stipulations before being granted a clear to close from underwriting. Occassionally they may directly grant a clear to close but usually there is at least one condition. This is just a review step to make sure everything is accurate and they have all the documentation needed in order to close the loan.

Answer 3

Loans go through a processor first, who inputs all of the information, then to underwriting, where they will check all of the documents, verify information (i.e. salary, bank statements, etc.) and underwriting will determine if you qualify for the loan amount and type of loan you applied for. The last step is for the loan to fund, which means you've been approved and the money is wired. GOOD LUCK!

Answer 4

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Answer 5

Never gave this much thought