The mystery of underwriting

[stephv71]

I always picture a scrawny man in a dark room huddled over a file stamping "DENIED" on all the papers LOL!!  But seriously, how closely do the LO and the underwriter work together?   Does the underwriter know what is coming before it "officially" goes to underwriting or does he just get a fat file plopped on his desk?  Does the LO ask them questions in order to better prepare the file?   I have not gone to underwriting yet, but I'm just wondering what the interaction is between them.   I'm working with a smaller mortgage company and got the impression that they work in the same office.

[pattybear64]

I'm in underwriting now, and I've been wondering the same thing.  

[yepbob]

I am also in underwriting and am waiting to hear any day... My broker kept saying she talked to the underwriter to get clarification when my file was being put together so I assumed she was talking with them - but honestly who knows... We are using the FHA Back to Work program and so far no one has asked for any further documentation. Although I provided a crap load when she was "talking" with the underwriter before it was submitted so we may be good.

[ezdriver]

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@pattybear64 wrote:

I'm in underwriting now, and I've been wondering the same thing.  

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Now that made me laugh. lol

[ezdriver]

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@stephv71 wrote:

I always picture a scrawny man in a dark room huddled over a file stamping "DENIED" on all the papers LOL!!  Not much hardcopy documents are used. Mostly electronic copies of eveything are reviewd on a computer  no more stamping, just the click of a mouse. But seriously, how closely do the LO and the underwriter work together? Some very closely and others not at all. A processor handles your file one the LO submits it. Remember that an LO is a salesperson.  Does the underwriter know what is coming before it "officially" goes to underwriting or does he just get a fat file plopped on his desk?  A good operation allows an an LO to "run something by" an underwriter before submitting a file. Does the LO ask them questions in order to better prepare the file? Sometimes.  I have not gone to underwriting yet, but I'm just wondering what the interaction is between them.   I'm working with a smaller mortgage company and got the impression that they work in the same office. If you are curious, just ask your LO to explain their internal organiztion and process.

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