After a mortgage application has left the hands of the processor, it moves to the desk of the underwriter. The underwriter acts as a gatekeeper in the loan approval process. When purchasing a home, the loan cannot close or be funded without the approval of an underwriter.
Mortgage loan approval is contingent upon several factors, such as your credit history and perceived risk. It is the job of the underwriter to make sure that all of these factors meet the particular loan guidelines. In addition, the underwriter makes sure that all of the income, title, insurance, credit and asset documentation, and closing files are in place. The underwriter has final approval and final responsibility for the loan. If the loan is denied, it can be appealed, but the facts must be in place to support any change of an underwriter’s decision.
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