Asked in Personal FinanceLoansMortgagesMoney Management
My mortgage company says I have a double approval and I'm just waiting for underwriting for an FHA loan. Can I still be denied in underwriting for the loan?
October 01, 2008 10:18PM
Yes. underwriting is the process where they do final verification and approval of your loan ensuring that you have provided all the appropriate and truthful information. In banking, underwriting is the detailed credit analysis preceding the granting of a loan based on credit information furnished by the borrower, such as employment history, salary and finances; publicly available information, such as the borrower's credit history, which is detailed in a credit analysis and the lender's evaluation of the borrower's credit needs and ability to pay
Mortgage company means nothing, underwriters mean everything as they represent the financial part of the institution giving you the loan to buy the house.