Who is My Mortgage Underwriter?

http://MortgagesInVancouver.com
Hi, everyone. How are you? It's Leah Coss with The Mortgage Center, and I wanted to go over the interesting question of, "Who the heck is this underwriter, and why is my future in their hands?" Well, the underwriter, plainly and simply, is basically the people on the forefront for the lenders that we, as brokers, send your deals to. So these are the people that we need to be real nice to, because they're the ones who essentially say "yay" or "nay" on your file.

It may sound weird to you that it is actually a human decision and not some sort of computer algorithm that decides your fate, but it is. It's all human. So, what happens as brokers is that we talk to you, we do all the actual major footwork of getting your information, getting your paperwork, figuring out who you are, and then we figure out which lender you're best with, because not all lenders are made alike. You can read more about the types of lenders like banks and non banks and private lenders through my other blog, so be sure just to subscribe.

But basically we're going to figure out are you self employed, are you a new immigrant, what is your situation, and who should we be placing you with. From there, we're going to find that group of lenders, choose the lenders with the best rates, and then we're going to start submitting deals to them. Now, when we do that, we're submitting it to the underwriter, and from there they're going to read over your file. We're going to bantering back and forth with them as mortgage brokers, and basically explaining why we feel your file fits within their parameters.

Not all lenders are made alike. Some want certain credit scores. Some want certain income verifications and things of that nature. So they're not all made alike they look over it. If they feel that it fits within their parameters, then you're approved. If they feel that it doesn't, then you're not. So it's pretty straightforward. And yes, your life is essentially like it's in their hands. But at the end of the day there are many underwriters and there are many lenders, so if one says no, we can take it to somewhere else.
But the reason that I really want to do this post is because if ever we ask you for paperwork and we say we need it, like, yesterday, we need job letters or something like that and you go, "Oh, what do you need that for?" it really isn't us that's asking. These are the requirements that the underwriters are requesting, and your file is not going to be approved unless you give us that paperwork, and the sooner the better.

So, that's what an underwriter is. If you have any questions about the different types of lenders that we use and why we use them, or specifically if you want to give me a call, tell me about your situation, we can get an application going. From there I can tell you which lenders I'll probably be referring you to and who we'll be working with. Give me a call:, 604 313 9996, and you can also go to mortagesinvancouver.com to read more about the different lenders there. So, good luck, and hopefully I'll be talking about you soon.

[laughs]

Leah: Right at the end you have to jump in.
http://MortgagesInVancouver.com

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• underwriters
• bank underwriter
• lender underwriter
• underwrite mortgage
• mortgages
• vancouver mortgage
• mortgage broker
• leah coss
• mortgage lenders
• mortgage loan

[MortgagesInVancouver]

@3Lew Sounds like a stressful situation. I sent you an email with my thoughts and suggestions. Don't hesitate to contact me further if you have any other questions.

[3Lew]

Great info..my closing date has pasted...the underwriter wants a letter from my employer...which gives details according to my layoff and chance of me being laid off. I work in the auto industry, do you think we'll close soon...my job will not submit info on details of layoffs. Im fully approved...and they've waited the very last second to ask for this info.