Step 4 of 5 · The industry calls this "Underwriting"
What Underwriting Actually Means
The lender verifies everything to make sure the loan is safe to fund.
Written by the East Coast Mortgage team
Editorial review: East Coast Mortgage, NMLS #2354674 · Last reviewed
Underwriting is the lender's background check. Someone reviews your income, credit, savings, and the home itself to confirm everything you've told us checks out, and that the loan is safe for both you and the lender.
This is also the step where loans most often stall elsewhere, usually because a document request sits in an inbox too long. We keep a dedicated team on your file, plus a dedicated processing team through our processing partner, specifically so that doesn't happen to you.
Sources
- CFPB: What is a debt-to-income ratio?
- Fannie Mae: Single-Family Selling Guide
General information, not advice for your specific situation. Program rules come from the agencies above and from each lender, and they change. A licensed loan officer confirms what applies to you.
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