Mortgage Underwriting Process

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You’re in contract on the perfect home and your lender notifies you that your file has been submitted to Underwriting. And… your wondering what does that mean? Is that good?
If you’ve been wondering what happens during underwriting, how long underwriting a loan takes, and more about the loan underwriting process, watch this video to learn what happens when your home loan is submitted to underwriting.
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Опубликовано:

22 ноя 2020

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Комментарии : 39

@zoewimmers9330 3 года назад

What myths have you heard about the underwriting process?

@lovelyindeed4526 3 года назад

Excellent video. Keep it up! Wondering if underwriting pulls a credit score before closing. Closing 01/20/21😌

@zoewimmers9330 3 года назад

@@lovelyindeed4526 thank you so much! I’m so glad you enjoyed the video 😄. That’s a great question and yes most lenders will run credit before the loan funds and closes to ensure that no new debt was extended to the borrowers (meaning they didn’t open any new credit lines or take on any new debt) and verify that the debt-to-income ratios and numbers are unchanged. Congratulations on closing soon!!! That is so exciting!! I hope that helps😊

@lovelyindeed4526 3 года назад

@@zoewimmers9330 very helpful!! Sounds like it’s more about DTI new debt inquiries rather than score. Chase reduced my credit limit in the process so my creed it utilization increased causing my credit score to decrease. But no new credit, inquiries or lates. Everything else has stayed the same. Thank you again.

@zoewimmers9330 3 года назад

@@lovelyindeed4526 you are so welcome! Yes, they just want to make sure that someone hasn’t gone and purchased new furniture or a car for example and then they wouldn’t be able to make the mortgage payment because of the extra payments towards the other debt obligations. That’s great! Just keep everything the same as when you started the process and you should be good to go!! 😊😊

@emondltaylor4894 2 года назад

Does underwriter except disability income

@Youngwilliepeppa 3 года назад

Your videos are awesome. Your awesome. Keep them coming.

@Marketplacere 2 года назад

Fantastic information all around. Even for those who have a fairly good knowledge base it’s great to hear it broken down into simplistic language. Thank you so much.

@MattTheMortgageGuy 3 года назад

Great video! Keep making great videos like this to assist people through this process...

@jchung5066 3 года назад

i LOVE your personality 🤣 and I love how informative it is. I'm looking into pursuing this career

@zoewimmers9330 2 года назад

Thank you!! It’s a great career, very rewarding to help so many people!

@thebreadlist 3 года назад

Thank you for posting this video. You explained the process so simply and so well. I'm interested in transitioning to a new career path, how would I break into this industry. Where/how would I start? Thanks again!

@Overly_nourished_entity 2 года назад

I’m currently in the appraisal phase I’m absolutely nervous for underwriting being self employed

@MinhTucson 7 месяцев назад

Thank you ❤

@austinnguyen5136 3 года назад

How do you get start in this field? What kind of experience do I need to become mortgage underwriter?

@and3311 2 года назад

Do you have a recommendation on which is the best certification to become a licensed underwriter? Would it be NAMU or perhaps a different entity? 🤔

@brandonsmith2002 3 года назад

how many loans do underwriter close per month?

@cujoking87 2 года назад

I'm stuck in underwriting I already got the appraisal back and it went well. Appraisal at above list price. The underwriting is because they want transaction history from me. This issue is the one I can download from the bank doesn't have my name or institution name on it. Closing is on the 7 of June. I'm gonna try and see if they will accept a print screen saved as a PDF that's overlapping with the previous statements they already approved. I'm so stressed I'm almost there and this one little thing may derail things. This is because my bank that I use sends out statements from the 1st to the 10th. I've got fingers crossed the new documents in the format with the URL and footers and headers are acceptable.

@RetrieverTrainingAlone 9 месяцев назад

What documentation is needed for a sudden inheritance for example to pay 80% down instead of the original 20% down? If this occurs a week before closing, would closing be delayed and how many weeks delay typical?

@jayvito86 Год назад

currently in the underwriting process.

@geraldmadla4222 2 года назад

excellent video, i can truly relate about anything the mortgage Underwriting world, I am an Underwriter of one of the best financial institution in the world based in the Philippines.

@jeremy4600 3 месяца назад

Hi Gerald. Do you have a LinkedIn

@geraldmadla4222 2 месяца назад

@@jeremy4600 yes i have.

@marvelmobit2893 2 года назад

Hi l interested in doing the underwriters program. Please wish you connect me to anyone who teaches it. Thank

@brittanymelena5816 3 года назад

I have my two previous years of W2 and work history but my husband worked construction getting paid cash for two years he’s been working in a company for about 9 months now and gets direct deposit now. We provided a VOE from his previous employer. Will that effect our chances of getting approved? Our credit is 650 and 695 . Both of use together being in around 6k a month and our estimated mortgage is $1700 with a $20k down payment.

@zoewimmers9330 2 года назад

It will depend on the guidelines from the lender that you are working with and most lenders if you are salaried or hourly and have the consistent income is what they will use and they don’t require a minimum number of years of work history. They will likely require a verbal verification of employment from your current employers. It’s different for self-employed borrowers. Hope this helps and way to go on your home purchase journey! 😊

@zoewimmers9330 2 года назад

It depends on the lenders guidelines that you are working with and most lenders will require a verbal verification of employment. If you are hourly and salary you usually do not need to have a minimum number of work years and it is different if you are self-employed. I hope this helps and way to go on your journey to becoming a homeowner! Very exciting!😊

@holylabs 2 года назад

Hi. Do underwriters add back in millage if it was used for tax deductions for an Uber driver?

@jeremy4600 3 месяца назад

If it’s on your schedule C, we add back a percentage of it YES

@49Macman 2 месяца назад

Hi Zoe, I am applying for a home equity loan for 80k. I have all my ducks in order, but am worried I don't make enough per yer. I am an independent contractor my last few years tax returns reflect bad years due to covid, but this year has been a banner year with certain months low due to seasons. Excellent credit score, DTI is 29% etc....I was told by a banker to get additional work to pay more than the minimum in credit cards and line of credit. II might even need to use my credit cards more just to live. If I can't get the additional work for those months do I have a chance? What do they require? At least 20k per year?Thanks.

@tiaraw8804 2 года назад

I want to get into the Underwriting line of business, my company has openings here and there in my area but they require at least 1 year of experience. I can do side-by-sides but I may need actual experience. Do you have any suggestions on getting experience?

@jeremy4600 3 месяца назад

Hi, I know this comment is old. I’m wondering how you’ve done on your UW pursuit?