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What does a mortgage underwriter do?

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βˆ™ 2012-08-09 18:33:53

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Determines if the borrower and property meet criteria to make a mortgage and at what rate and other terms.

2012-08-09 18:33:53
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Related Questions

What is a mortgage underwriter-?

A mortgage underwriter is the person that approves or denies the mortgage loan based on credit, capacity, and collateral.

What does it meant to be a mortgage underwriter?

To be a mortgage underwriter means that one determines if the risk of lending money to an individual is acceptable. Today, mortgage underwriter and banks use computer models to help determine this risk.

Can an underwriter require a bill of sale if not required by law we are working on a mortgage with Wells Fargo and the underwriter in Iowa is requiring us to find the person we sold a car to in MN?

The underwriter can require anything they wish.

What is meant when one says that there is no proof of income mortgages?

No proof of income mortgages means a Self-Certified mortgage. A Self-Certified mortgage means that you do not want to tell the mortgage underwriter your exact earnings.

What occupations are involved in mortgage finance?

There are many occupations involving mortgage finance and many of them tend to branch off of one another. A few examples of such occupations include account manager, mortgage underwriter, mortgage loan officer, and sales manager.

What is George Zimmerman's occupation?

At the time of the shooting, George Zimmerman was working as an underwriter for Digital Risk, a mortgage risk-management firm.

Is a mortgage broker the same as a mortgage underwriter?

A Broker is NOT the same as and Underwriter (U/W). The Broker usually owns the mortgage company. He contracts with several companies to write loans for their companies. Once these loans are written and closed, the broker will receive compensation. The U/W is the person that reviews the loan documents for accuracy, insuring that all income and asset documentation is correct, and reviewing the appraisal for industry standards.

What is a mortgage underwriter?

A mortgage lender or broker who approves or turns down loan applications based upon the quality of the real property, credit-worthiness and ability to pay according to the guidelines of the lender with regard to ratio of mortgage loan to value of property.

Can a CD be used for a down payment on a mortgage?

This will depend on the terms of withdrawal from the CD. Be prepared to provide those terms to the Underwriter. Normally it is allowable

Auto insurance underwriter do?

What does an auto insurance underwriter do?

How does one locate a copy of a lost title insurance policy when the bank that handled the closing and the mortgage on a newly constructed home and handled the title insurance no longer exists?

U should be able to go directly to the underwriter (whoever the master insurer is) e.q. Stewart, First American, Chicago....they should have a copy of your policy. Usually if you have a copy of your mortgage it should say in the legal description who the underwriter is.

How long does it take to become an underwriter Can you work at home as an underwriter?

It take several years to become an underwirter. Underwriter require high energy levels and strong communication and negotiation skills. I dont believe that you can work at home as an underwriter.

Who is underwriter?

not sure

How much does a mortgage underwriter make?

Mortgage underwriters typically make between 18 (low) and 35 (high) dollars per hour. The average underwriter makes around 25 per hour. Also some wholesale lenders also provide a monthly bonus if you meet your underwriting quota. FYI .... I left this industry despite the good pay because in this bad economy nobody is buying right now and as an underwriter I was laid off approximately 4 times in one year (i did contract underwriting). The field is so volatile you really can't depend on it to be your families only source of income. Hope this helps :)

Who was the lead underwriter on the Compaq IPO?

The lead underwriter on the Compaq IPO was Morgan Stanley. It is an American multinational financial services corporation that served as lead underwriter for other large corporations.

Can an owner of a Utah mortgage company own a minority interest in a Title insurance underwriter licensed in the state of Utah?

yes In most cases the answer is "yes". It is best if you contact the Utah Division of Real Estate for the definitive answer.

Are there any local professional organizations you can join to network with professionals involved with insurance underwriter?

The insurance underwriter organization obviously

When did Barry Griswell earn his Chartered Life Underwriter designation?

Griswell received his Chartered Life Underwriter designation in 1976

Who is an underwriter?

an underwriter is defined as an individual or firm involved in critically analysing and determining risks and what insurance policies to take and which is best to take.

How much does an insurance underwriter make?

An insurance underwriter usually makes around 50,000 dollars a year. The salary will vary depending on who they work for.

What is an occupation that starts with the letter you?

undertaker underwriter

What is a 4506xlj form?

You may be referring to a 4506 or 4506-T. Both of these documents allow your mortgage company, the investor, or the underwriter to obtain transcripts or copies of your prior year tax returns in order to verify your income or job status with the IRS

Can you get a mortgage with no money down with a credit score of 577?

No, you cannot get a mortgage with 0 down with a credit score that low. Sorry Yes you actually can. Under certain government loan programs you can get a 0 down mortgage with a low credit score. For instance I had a middle score of 525 and applied for a VA loan, which requires 0 down payment. I had to write a letter to the underwriter with a very good explanation as to why my score was so low. The underwriter contacted the VA and learned that they could approve the loan if they felt I had extenuating circumstances and was a good credit risk despite my low scores. I was approved for the loan with a good interist rate. So it can be done it just requires convincing the underwriter you are a good risk. Actually there are several ways that you can. The most popular is using an FHA loan coupled with a DPA (down payment asst. program). The money never needs to be repaid and you can qualify with a score as low as 550. You must verify income though.

How do you say underwriter in Spanish?

evaluador de riesgo

What is a Wells Fargo underwriter salary?

grits and shelter