Underwriting is the process that pulls the entire loan together. The Underwriter is the gatekeeper between the borrower and the lender. They review all documents, request anything that may be missing, and give the final stamp of approval on the completed loan package.
Underwriters usually weigh the application documentation and data against guidelines or a rulebook — conditions under which the loan can be approved. An Underwriter will only sign off on the loan if it meets the required standards.
There are many technologies and systems available which help make the Underwriting process faster and smoother for mortgage lenders. Automated Underwriting systems help streamline the process from the very beginning by analyzing exactly what is needed in order to get the loan approved. Through utilizing technology, lenders are able to analyze data faster, Underwrite to various guidelines easier, and know what conditions or needs may come up prior to the official Underwriter review.
For Mortgage Professionals
When Underwriters receive incomplete or imperfect information, the closing can be significantly delayed, inconveniencing the borrower, seller, and agent. Time is money, and underwriting automation saves both.
Underwriting automation unifies a fragmented process, reducing time-consuming and costly back-and-forth between the Underwriter and the borrower.
The Underwriter is often the highest-paid employee on the mortgage team. Improving their efficiency and productivity is a high-margin investment.
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