what does a mortgage underwriter do?
156958
The underwriter is a person hired by the loan company to make sure that the loan fits into the parameters of their lending guidelines, or the lending guidelines of the company the loan will eventually be sold to.  They double check all the loan officer's numbers for income, assets, liabilities, etc, also check the property reports to make sure they're acceptable.\n\nOnce the loan fits within program parameters, and all the documentation is in the file, they pass the file to the document department who draws the loan documents.
1004166
correspondent lending- I like to think of them of upper class brokers. They have their own credit line of lets say $5m. All the docs such as insurance and title are in their name. As a correspondent lender they can charge up to 3 pts ysp(back end points). Once your loan is closed they sell it to another bank to clear the money they gave you for your house. They still shop around to various lenders for rates. They underwrite their own loans also. \n\nMortgage Broker- All documents are in the lenders name they put your loan through. They must comply with the lender guidelines they put your loan through. Max ysp is 2 points. Underwriting is done by the lender they put the loan to.
783082
During the last mortgage boom, there were a bunch of mortgage companies hiring loan officers and having them throw 2/28s and pay-option ARMs at people, not explaining the details of such things.  This was 2 years ago.  Since then, the market has slowed, such that the successful mortgage broker has relationships with realtors and builders to feed them clients, and the number of mortgage companies has decreased dramatically.  If you're going to go into the biz, now would be a good time, because we're about to boom again.  Just keep in mind that it takes a while to start, but the money is great when it's good.
598860
Check out ING via their website ingdirect.com.  I have an account with them and last week they sent me a notice that their mortgage product will cover the closing cost for loans that are below a certain amount.  Other than that, you can get a bunch of information at bankrate.com as well.
471255
Sometimes when a lender says one thing, it sounds scary to someone in your position.\n\nWhen he said he has to send the info to the lender for final approval, he maybe should have phrased it better.  It is the brokers job to look over the info and know if it fits the guidelines.  Then the file is sent to an underwriter to verify the facts and the file that the broker submits.  They put their final stamp of approval on it and all is good.\n\nBuying a house can be scary and stressful, but it is best to just take a deep breathe and let the lender work his magic.  The more you worry, the worse you feel, so don't worry, be happy.  Look at the end result of living in your new home.
943092
I think there are a lot of them that do that. Here in CA, all the big ones do it - Re/Max, Prudential, C-21, Coldwell Banker.
111834
Underwriting determines who should be insured, classifies them according to risk, and determines rate structures.\n\nMarketing then convinces those people they should insure with the company.
1095853
Part of the trouble could be did the real estate agent just toss a sign in front or is the agent actually showing the home.\nIf the sign or a few listings on the internet is all he is doing than change agents when you legally can or tell this agent to start marketing your home the way he should be - after all the more he shows it the better your chance is.\nNow, if he is showing it - what are the buyers like. Is he getting anyone to fill out a mortgage application, are the prospective buyers credit worthless?\nIf the buyers are decent credit wise and they want to buy the house maybe the problem falls with the mortgage broker. Being in the mortgage business I can tell you that the mortgage application of your buyer is only as good as the broker is submitting it - if he doesn't want  to work and sell the application to underwriting it just will not work.
116424
There is no law against it .. however, it all comes down to the lenders individual guidlines. Your best bet is to have your LO look at the guidlines, and or contact the underwriters, and find one that will allow it. \n\nThere are alot of ways around this problem ... If you have a good LO he will know what to do.
757451
at a mortgage company they often have different offices and the person that runs the office is the branch manager. they generally help with all questions and deal with complaints.
808512
They are important in insurance underwriting.
1109819
I have not heard of them, but I would advise you to be VERY careful and check the Better Business Bureau on any mortgage company. There are a lot of real estate mortgage scams out there. Be careful!
1131419
try mortgage loan officer
132179
A mortgage is a loan for a house or at least secured my a house or property. A mortgage is a loan, but not all loans are mortgages. Your credit cards are technically a loan.
837967
Let me explain underwriting with an example. Let us assume a chemicals company wants to borrow money from the market by issuing bonds. It goes to an investment bank like Morgan Stanley or Goldman Sachs and explains its requirements to them. The investment banker would advice the company about price, tenor, issue size etc and speak to potential buyers of the bond. At this stage the investment banker could offer to underwrite the issue. What it means is that the investment banker would buy the bond issue partially or wholely if it does not find buyers. In other words it guarantees our chemicals company that its bonds would be sold. The investment banker charges an underwriting fee. (While in this example I have said that the investment bank would underwrite the issue, it could be a third party.)
503050
Define low mortgage.   Low payment or low rate?   Rates tend to fluctuate, but are trending higher.   \n\nMy advice is to find a reputable mortgage broker to talk to about a mortgage.   Figure out what you can afford and beware of low rates or low payments on adjustable mortgages.  When the mortgage rate gets adjusted, you could face a much higher payment.
951501
Distant cousins, sort of.  A real estate appraiser fetches a good guess at what the market price should probably be.  An underwriter is either a banker or an insurance person who determines if the property is worth the risk their company is taking for either financing or insuring the property.  So your underwriter is determining if the company should cough up the cash and your appraiser is estimating the kinds of cash that might total to.  Totally different functions.  A correlation might almost be a stock analyst that tells customers how much company XYZ should be worth, as opposed to the kinds of analysts that tells some rich fatcats how much or if to offer to buy the company out.  The difference is in the details, if you get my drift.