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Tag: loan document software

Loan Underwriting Process | Peculiarities Involved & Simplification Tips
Business

Loan Underwriting Process | Peculiarities Involved & Simplification Tips

If you intend to buy a house, you'll probably get a mortgage to pay for it. Underwriting refers to the process mortgage lenders use to evaluate your creditworthiness and decide whether to approve you for a loan. What you need to know about the loan underwriting process is provided below. What is mortgage underwriting? A mortgage lender will go through an underwriting process to determine the risk of lending you money. Before choosing whether to approve your mortgage application, the bank, credit union, or lender must establish if you are likely to be able to repay the house loan. This is done through underwriting. A loan officer or mortgage broker gathers the several documentation required for your application before underwriting. After that, an underwriter confirms your identi...