If you’re applying for a home loan, the underwriter is the behind-the-scenes person you may never see. But when it comes to approving your loan, he or she is the gatekeeper to approval.
Mortgage loan approval rests on several things: income, credit history, debt ratios and savings. It is the underwriter’s job to ensure all these factors meet particular loan guidelines. They also make sure the tax, title, insurance and documentation are in place.
In short – the underwriter has final approval and responsibility for the loan.
Some mortgage companies offer automated underwriting, which run an applicant’s information through a computer program to assess the risks based on a formula and give approval or denial. Automated underwriting can prevent many highly qualified borrowers – especially affluent retirees, self-employed and commissioned salespeople – from getting a mortgage because their income situation does not fit squarely in the credit box.
Other lenders offer manual underwriting. In this process, a loan officer manually enters the information into a system to be reviewed by an underwriter who may be thousands of miles away. The loan officer receives an approval or denial, often with no opportunity to present any mitigating circumstances. This process can take up to 60 days to complete, which puts homebuyers at a disadvantage in a highly competitive seller’s market.
At Resource Financial Services, our underwriters are in-house and work with our loan officers as a team. When questions come up on a borrower’s loan application, the underwriter can ask the loan officer directly. Our underwriters also pre-approve loans upfront, providing a virtual guaranteed loan approval before potential homebuyers begin their search.
As a direct mortgage lender with upfront, in-house underwriters, Resource gives homebuyers the advantage:
- Faster loan processing. At Resource we process loans in five days.
- Fast, accurate pre-approval. We give you an actual estimate of how much home you can afford. This makes homebuyer’s offer much stronger – as good as cash – in a seller’s market.
- Clear communication. The lender, realtor and buyer are in close communication to make the process seamless, convenient and stress-free.
- You’re more than a number, email or file. The biggest advantage of in-house underwriting is that we see you as a real person with a unique story and situation. With your loan officer and underwriter under the same roof, your loan receives the individual attention it deserves.
- Quicker closing times. With upfront underwriting, five day processing and a team dedicated to quick problem solving, we close loans in an average of 18 days – from application to closing.
Resource Financial Services exists to make people’s dreams of home ownership a reality. The mortgage lender offers experienced mortgage specialists who work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. Homebuyers can expect quicker closings, same-day pre-approval, five-day processing and guaranteed lower rates.
We’re excited to help you find your home, find your loan and get cash back. Start searching for the home of your dreams online at rfsmortgage.com. Call toll-free at 877.797.4545 to speak with a mortgage banker.