Mortgage 101 - Underwriting

mortgage process

 

Underwriting

Once the loan processor has your loan package complete, your loan is sent for underwriting. The underwriter is responsible for determining whether your loan is approvable, and uses automated underwriting technology. If further information is needed to render approval, as such requests are not uncommon, we satisfy them to achieve approval. A review of your loan application, credit, income, assets, liabilities and property is performed during the underwriting process.

Our underwriting is peformed in-house and normally takes 48 hours. If jumbo or VA financing is being obtained, additional time is required. In today's world, jumbo loans receive a higher level of scrutiny, due to higher loan sizes. Houston Capital is well versed in jumbo lending and specializes in this arena. Condominium lending, second homes and investment property are areas of our expertise as well. 

Once loan approval is in, pre-closing quality control (QC) is performed, as required by law. This involves reconfirmation of your employment & liabilities within 48 hours of closing.  If no change has occured, final loan approval is issued. If changes occurs, the loan must go back through underwriting for review, which delays closing. Advise us immediately if changes have occured, to help us mitigate their impact.

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