Straight Up Mortgage Talk

Behind the Scenes with an Underwriter

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Often, Underwriters are seen as some mysterious force behind your loan but they are often people too! Below are the questions we go over in the interview.

  • So tell me what is the primary job of the underwriter in the process of getting a loan approved?
  • What are the items in a file an underwriter reviews while going through a file for approval. Credit, Income, Collateral, cash or equity to close?
  • Why do we require third party documentation on files, like verification of employment and tax audits when needed?
  • Can you explain what role an automated underwriting approval plays in the process. Can you address the good information in to get correct output?
  • Can you address how you look at variable income like commissions, bonus, overtime, and self-employment?
  • Can you explain the likelihood of continuance for 3 years when analyzing income? Why is this important in the analysis of income?
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    Straight Up Mortgage TalkBy Tim Harrison