Question:

Mortgage Underwriter Definition

Answer:

Mortgage underwriter is the person authorized to assess if you are eligible for the loan you apply for. They will approve or reject your loan application.

A mortgage underwriter will review submitted applicant data and will decide whether the borrower, property and mortgage type satisfy requirements of the secondary market, where investors buy and sell loans.

A mortgage underwriter will have to state reasons for possible rejection and/or request additional information. Usually, automated underwriting software will assist underwriters in their job.

The current trend is to have the broker or lender input the applicants' data in the underwriting software application and within minutes approval will be received for the most relevant mortgage products.

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Common misspellings: mortage and morgage