Step 7. Underwriting and Approval - Once your lender's processor has received the necessary appraisal, title, and insurance documents, your file will be submitted for underwriting.
Underwriting is usually handled outside of your loan officer's office (to avoid conflicts of interest between loan officers and underwriters), although the underwriter may contact the loan officer if there are any questions during the underwriting process.
If your file is "clean", straightforward, and well documented, your loan may be approved for documents right away. Often times there are details for which the underwriter will require additional documentation, called "conditions". Sometimes there are only 1 or 2 conditions, and sometimes there are 20 conditions. It just depends on how complicated your loan file is and how detailed your income and asset documentation are. The better the detail, the easier it is for your loan officer and his or her processor to packaged your file for a fast underwriting approval.
The key to getting conditions cleared is a quick response to your loan officer for any additional information requested. This could be anything from a letter of explanation to a copy of a canceled check. It is important to respond quickly because the sooner the conditions can be re-submitted to the underwriter, the fresher it will be in their mind when they go to review. If the underwriter has to wait several days to review the condition, they will have to spend additional time getting re-aquainted with your file.
Once the underwriter is satisfied that all conditions have been satisfied, and the loan has been structured and disclosed in a compliant manner, they will issue the final approval. This approval will authorize your loan documents to be drawn by the "doc" department!
Kevin Hancock
Loan Officer
License # MLO-108328
at 
360.698.6478 office
206.849.6326 cell
425.283.4642 fax
kevin.hancock@legacyg.com
Please visit our new website at www.hancockmortgageteam.com
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