Does my loan go to the underwriter after my appraisal was done?

[Anonymous]

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@ShanetheMortgageMan wrote:
Automated underwriting is just a computer program, not a human being, that reviews your loan.  The next step after running the automated approval is typically supplying your loan officer with your documents and a signed/dated application & disclosures, could be for a specific property address or for a "TBD" one.  Either way this information is then compiled by your loan officer and submitted to the underwriting queue to be assigned to an underwriter, depending on that lender's volume and what not the turntime for it to be assigned to an underwriter may vary from a day or two to several weeks, then once it's assigned to an underwriter they usually review it same day or within 24 hours.  Banks require a certain amount of minimum documentation to be submitted in order for it be reviewed by an underwriter, on a purchase transaction that information is typically just the purchase contract (unless you are going for a pre-approval with no specific property in mind), signed application/disclosures, income & asset docs, and also any explantions... the appraisal, title report & evidence of homeowners insurnace are not normally required, however some banks may make some or all of those a requirement too.

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So there is automated as well as manual UW you have to go through?

[ShanetheMortgageMan]

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@Anonymous wrote:

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@ShanetheMortgageMan wrote:
Automated underwriting is just a computer program, not a human being, that reviews your loan.  The next step after running the automated approval is typically supplying your loan officer with your documents and a signed/dated application & disclosures, could be for a specific property address or for a "TBD" one.  Either way this information is then compiled by your loan officer and submitted to the underwriting queue to be assigned to an underwriter, depending on that lender's volume and what not the turntime for it to be assigned to an underwriter may vary from a day or two to several weeks, then once it's assigned to an underwriter they usually review it same day or within 24 hours.  Banks require a certain amount of minimum documentation to be submitted in order for it be reviewed by an underwriter, on a purchase transaction that information is typically just the purchase contract (unless you are going for a pre-approval with no specific property in mind), signed application/disclosures, income & asset docs, and also any explantions... the appraisal, title report & evidence of homeowners insurnace are not normally required, however some banks may make some or all of those a requirement too.

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So there is automated as well as manual UW you have to go through?

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Yes, when approved via automated underwriting the manual underwriting just serves as to confirm the data used to obtain the automated approval - a little more common sense goes into the manual underwriting too, but as long as your loan officer has properly pre-approved you and has discussed anything tricky about your situation upfront with the lender, then the manual underwriting is just a formality.