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The file goes thru the underwriting process once your loan officer and the loan processor runs your loan through either Fannie Mae\u2019s or Freddie Mac\u2019s automated underwriting system and says that your loan is approved.\u00a0<\/p>
When your loan officer says that your loan is submitted to the underwriter it means they have submitted all the documents like your income, employment history, credit report, assets information, and appraisals to the underwriter after it has been verified by the loan processor.<\/p>
The underwriter will go through all the documents received, verify those documents according to the loan program guidelines, and ensure that all the required guidelines are met.\u00a0<\/p>
Every loan program has different guidelines to follow. The underwriter ensures that the documents are received and verified according to the loan program you are applying for.\u00a0<\/p>
This could include verification of employment, some explanation on your credit, or some clarification on your asset statement.<\/p>
Based on the findings, the mortgage underwriter will give the status of your loan which could be either \u201cdenied\u201d or \u201capproved with conditions.\u201d\u00a0<\/p>
If your loan is denied due to any reason, your officer will get in touch with you and inform you of the reason why your loan was not been approved.\u00a0<\/p>
If your loan is approved with conditions, this means there is some clarification that the mortgage<\/p>
underwriter needs, to get your loan to the final approval stage. Your loan officer and loan processor would work with you to get the clarification done.\u00a0<\/p>
Once all the conditions are fulfilled by your loan processor and loan officer, the underwriter will verify and make sure the conditions are met according to the loan program guidelines.\u00a0<\/p>
If everything is good, your loan will get the final approval where your loan officer will get the indication from the mortgage underwriter that the loan is \u2018Clear To Close\u2019.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t