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Underwriter Is Taking Forever On My Home Loan [Underwriting Mortgage Definition & Process] - YouTube
Channel: Planet Cheapskate
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what's up this is ryan with planet
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cheapskate in this video we're going to
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be talking all about
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why the underwriter is taking forever
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reviewing your loan
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what the definition of underwriting is
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and what goes on during the underwriting
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process
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also be sure to stick around for my
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famous loan hacks at the end of this
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video where i'm gonna be revealing for
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you
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three tips that will get your loan
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through underwriting and absolute warp
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speed
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but first i'd just like to take a very
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brief moment to personally invite you to
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subscribe and join our community
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i do a home loan rate update every
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friday going into the weekend
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along with a new video every thursday
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helping you manage through the world of
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real estate and home loans
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also when you do subscribe be sure to
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hit that little bell and it will alert
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you whenever i release fresh content
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now with all that out of the way let's
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dive right in so you want to know why
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the underwriter is taking
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forever to review your loan to
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understand why we need to first discover
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the definition of what underwriting is
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and what goes on during the underwriting
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process and a few steps before the
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underwriting process
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so first underwriting with respect to
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home loans just means that the
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underwriter is reviewing all your
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documents your application
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and any other relevant details of your
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loan the underwriter is verifying that
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all the information you provide is in
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fact accurate and factual
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once the underwriter has reviewed and
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verified everything they will give your
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loan their
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stamp of approval by way of a final
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approval
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the underwriter at that moment takes on
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the full liability and risk that you
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have been determined to be a borrower
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who will repay the lender's funds
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and the loan is safe to be sold to
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fannie mae or freddie mac
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which are the quasi government entities
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that purchase conforming loans from the
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lenders
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to clear their books so they can help
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more borrowers just like you
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the definition of home loan underwriting
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is the act of reviewing provided
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documents by a potential borrower to
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determine their ability and capability
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to repay a mortgage
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and assuming liability for such
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determination
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in order to determine this capability
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the underwriter will use a guidebook
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based on the type
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of loan you chose each one of these have
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thousands of pages and hundreds of
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chapters of rules and guidelines that
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must be followed by the underwriter
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while reviewing your loan
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contrary to what it may seem like
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sometimes most underwriters want nothing
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more than to see
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you close on your home and become a
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homeowner their job and career however
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depend on the fact that the loan that
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they take on the liability for is able
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to be serviced
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to completion or more than likely sold
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off to fannie mae or freddie mac
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when they miss a detail or fail to get
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everything they need they have a chance
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to lose their jobs
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as hundreds of thousands of dollars are
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at stake and most underwriters will
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manage a portfolio of potential loans in
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excess of 5 million
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or more over a one-month period
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they are under a tremendous amount of
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stress to perform their duties as
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quickly as possible
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so try to keep in mind that your home
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loan is just probably one of 20 or 30
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that the underwriter is reviewing over
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the course of a 30-day process so to
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discuss the underwriting process we
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first have to
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backtrack just a bit to your
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pre-approval when your loan officer
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pre-approves you
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they more than likely ran your
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application and details through what's
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called the aus
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which means automated underwriter system
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this system takes exactly what is input
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and compares the data against all the
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various rules and guidelines for the
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loan you chose
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and will kick out an answer based on
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your details
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if all goes well this is where you will
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get your pre-approval
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now fast forward after your offer is
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accepted and your loan and all the
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documents are submitted to the
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underwriter
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the underwriter gets a human set of eyes
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on the file and verifies that all the
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data that was input into the aus was
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accurate
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they also break out the guidebook and
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verify all the required details are
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present to determine that you are a good
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potential borrower for the lender to do
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business with
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now if you want a more in-depth look
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into what goes on during
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underwriter review i've made a video
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here that breaks all of that down for
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you so now that we've laid the
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groundwork down on what underwriting is
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and what goes on during underwriting
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let's get right to what in the hell is
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taking your underwriter forever to clear
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your loan
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and the number one reason your loan can
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get held up in underwriter review
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is that the underwriter is waiting on a
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document from either you
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your loan officer or another person
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associated with your loan
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usually the reason is this there was
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either something inaccurate
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on your loan application or something
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has changed in your qualifying details
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many times the inaccuracy revolves
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around your employment pay or bank
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account balance versus what was input on
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the application
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another couple of things that can be a
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big delay is waiting on the appraisal or
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gift fund documentation required these
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may not be all the items that cause
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the delay in your loan but they are the
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three main culprits typically
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just understand that the underwriter is
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not your enemy
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they want to see you get your home they
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just want to also make sure that they
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can continue to provide for their own
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family
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and have a job helping families just
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like you discover the pride and
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accomplishment that comes with owning
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your own home
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so as promised three loan hacks that
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will put your loan in
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straight warp drive through underwriting
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and the first thing is to make sure when
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your loan officer asks
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or you are completing your loan
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application yourself that you are as
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accurate as possible when it comes to
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how much funds you have in the bank and
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how much
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income you make on your paychecks each
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month many times loan officers will try
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to take away your stress or anxiety
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around the loan application by telling
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you it's okay to estimate
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but even though they say this they're
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just being nice try to be as
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accurate as possible on the application
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the second thing is
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to get with your loan officer and
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processor and knock out any needed
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documentation for
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gift funds large withdrawals and large
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deposits associated with your loan
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as soon as possible these are the things
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that can snag up underwriting around the
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assets or simple terms your bank account
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and the last loan hack is when a
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document is requested by your loan
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officer or processor
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do your best to get it over to your
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processor as soon as possible
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they will more than likely not pressure
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you too much because they're being nice
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and because you're already under a
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tremendous amount of stress and pressure
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but by not being swift with sending any
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document needed you will potentially
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delay your loan by two to three days
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as most lenders have a 48 to 72 hour
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turn time for underwriter review
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remember the underwriter is doing 20 30
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sometimes as much as
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50 other loans besides yours get the
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documents asap
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and you will tremendously increase the
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speed by which your file comes out of
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underwriting
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so there you have it everything you need
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to know about underwriting and why your
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underwriter is taking forever
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along with the three loan hacks that
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will put your loan in absolute warp
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speed through underwriting
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please leave a comment below if i missed
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anything or if you have any questions
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i'd love to hear from you and hey if you
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gained value or knowledge from this
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video
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do me a favor and smash that like button
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so more people just like you can see
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this info
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and if you like this video i'd like to
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invite you to watch one of my other
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videos
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over here i walk you through the
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complete home buying process step by
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step
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and over here youtube has determined
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that you may enjoy this video
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thank you for tuning in until next time
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best of luck
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you
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