What is a mortgage underwriter-?
A mortgage underwriter is the person that approves or denies the mortgage loan based on credit, capacity, and collateral.
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.
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?
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…