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Mortgage Underwriting Process - YouTube
Channel: Zoe Wimmers
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you've submitted your documents and your
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lender comes to you and they're like
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hey i've submitted your file to
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underwriting and you're like
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cool is that good
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[Music]
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having a general understanding of the
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mortgage loan underwriting process
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is going to help you understand once
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you're in the process what to expect
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and you know what is an underwriter
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looking for generally speaking the
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mortgage underwriting process works
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something like this
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your application that you fill it out
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and the documents that you've been
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gathering
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things like pay stubs w-2s that you
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gave to your loan officer they're going
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to package it
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submit it to an underwriter the
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underwriter is going to start going
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through everything and analyzing your
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documents and financial
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risk profiles underwriters are concerned
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about risk they want to make sure that
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you are a good
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solid borrower who is capable of making
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this hundreds of thousands of dollars of
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a loan amount back to them
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and that they can rely on that so to
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analyze that and to figure out if this
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is something that you know you're
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qualified
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and capable of they're looking at three
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things and they're known as the three
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c's
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and that is credit collateral and
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capacity
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the first c has to do with credit and
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they're gonna look at your credit score
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they're gonna look at your payment
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history
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they're looking at your credit report
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they wanna know that you can
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handle a mortgage payment and making
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that payment
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religiously every month they want to
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make sure that that's something that
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you've had practice doing whether with a
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credit card or a car loan
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something like that so they're going to
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look and evaluate also your score
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to determine how well you are able to
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manage your credit the second c they're
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looking at is collateral
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there's kind of two aspects to it one
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they're looking at
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how much you're putting down so you know
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how much skin do you have in the game
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and then they're also considering the
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home value
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and that's why they're most likely going
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to condition for an appraisal to be
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ordered on the
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property because they want to make sure
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that the lender is actually getting a
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good investment
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and that that home is worth what it's
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actually worth and
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that it makes sense for the loan the
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third c they're looking at is capacity
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and that really has to do with
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your income and your assets they're
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looking at can you handle
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with the income that you are bringing in
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with the other debt payments that you
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may have
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because it's very common to have credit
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cards and car loans in addition to a
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mortgage payment
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sometimes installment loans or student
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loans they want to make sure that you
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have the capacity to make all those
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payments and that it's sustainable and
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that not
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a hundred percent of your income is
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going
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towards just bills so they want to make
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sure that that is going to be
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sustainable you're going to be able to
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make your payment now and in the future
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computer programs
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and guidelines are used and
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those all help the underwriter make sure
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that this is a qualified borrower a
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qualified loan
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something that is safe and a good
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investment for the lender and for the
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borrower the underwriting process can
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take anywhere from a few days to
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sometimes weeks it really just depends
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on
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the loan program it depends on if
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there's delays from third parties such
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as
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title it also depends on if there are
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documents missing
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or conditions are taking a long time to
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get backed so
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it's very much a collaboration and
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team effort between the underwriter your
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loan officer and yourself to provide
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those documents to get those conditions
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cleared by the underwriter
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so that eventually you will be able to
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get to the
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clear to close where the underwriter
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says you are golden
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we are good to close your loan and you
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can sign your documents once your loan
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has been submitted to underwriting and
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you receive a
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conditional loan approval back that's
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when your loan officer will reach out to
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you with whatever conditions
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they may need your help with on
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sometimes those conditions
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you know they don't need your help with
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and other times they are
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things like getting an updated pay stub
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or bank statement
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so it's important to work with your loan
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officer to have really great
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communication to make sure that that's
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streamlined so that
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that process of getting those conditions
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back is very quick and then you can
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your loan officer will quickly resubmit
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everything
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back to the underwriter for a final
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review once your
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conditions have had that final review
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the underwriter has said
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yes we're great they've got everything
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that we need everything looks great
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and i'm going to give this a clear to
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close then
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that's when we can start to set up the
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signing with the notary
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and work towards that closing process
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and it's important when you're going to
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be signing your loan documents that you
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understand
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and watch this video here where i go
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over the top documents that you want to
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know
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to expect and see when you are signing
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[Music]
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all right let's do this sweater weather
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is here and that's how she's done
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