Borrowers that have set their eyes on a property need to meet certain criteria to be eligible for a mortgage loan. Underwriters look at a multitude of documentation and records that are both quantitative and qualitative to figure out just how well a borrower has been able to meet their financial responsibilities in the past to predict whether that trend…
mortgage underwriting
Flawless Underwriting Relies Heavily on Sound Appraisal Review. What Lenders Need to Do to Ensure Both The role of an underwriter is to assess facts underscored in an appraisal report and establish the most credible value of a property. The accuracy of the appraisal report, therefore, plays a crucial role in helping the underwriter make up his mind on the…
The underwriting guidelines from Freddie Mac and Fannie Mae form the cornerstone of the mortgage underwriting process. It is important for lenders to strictly adhere to these guidelines because they form the foundation of the rules that govern mortgage loans. With changing economic conditions, both the government agencies change the underwriting guidelines to ensure borrowing and lending are carried out…