Desktop Underwriter | APPROVED/ELIGIBLE

[Anonymous]

If someone receives gift funds, it just has to be documented... I.e. a gift letter from the donor and the incoming wire transfer... We approve those ask the time. The sweeping your credit card and the family member giving you cash. That is specifically why we ask.. That is not allowed, it's unsecured borrowed funds that you're using at that point because you still owe the credit card bill. Underwriting doesn't take all that long.... What trashes time is likely the underwriter getting to your file.... Typically our underwriting turn time from the point It's sent to underwriting until we issue the conditional approval is 24-48 hours.... But if we've got a large number of loans in the pipeline and are short staffed, it can sometimes take several days fur three underwriter to work through their pipeline to get to your loan. One of the biggest challenges we face is loan originators fail to take a complete and accurate loan application.... Which often leaves us guessing or wasting unnecessary time trying to figure out something that should have been on the application (yes, I actually do have a crystal ball sitting on my desk as a joke because this is such a problem) so generally speaking... We then run into issues where provide us illegible documents... The one I hate the worst is when people take a picture with their iphone... It's often blurry and low resolution and I simply cannot read the print as a result... Of people will react information.... I get bank statements with black marker through the account number fur example.... Now think about that for a minute... You'd think nothing of handing a personal check to a complete stranger at the grocery checkout... And there is your account number right on the bottom of the check for anyone to see.... Yet they've blacked it out when giving it to the lender who's going to give them a loan of a quarter million dollars.... If I've got a complete and accurate application, and if all the documents are legible, I can fully underwrite a loan in a matter of a couple hours or less....

[Anonymous]

Azurtech- As a underwriter do you typically ask for a P&L from someone who is self employed and closing at the beginning of the year (end of Feb)? I am self employed and my concern is my income is usually lower at the beginning of the year with sales really picking up towards the end of the year so if they ask for a P&L the monthly income will be lower than my average monthly income.

[Anonymous]

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@Anonymous wrote:
If someone receives gift funds, it just has to be documented... I.e. a gift letter from the donor and the incoming wire transfer... We approve those ask the time. The sweeping your credit card and the family member giving you cash. That is specifically why we ask.. That is not allowed, it's unsecured borrowed funds that you're using at that point because you still owe the credit card bill. Underwriting doesn't take all that long.... What trashes time is likely the underwriter getting to your file.... Typically our underwriting turn time from the point It's sent to underwriting until we issue the conditional approval is 24-48 hours.... But if we've got a large number of loans in the pipeline and are short staffed, it can sometimes take several days fur three underwriter to work through their pipeline to get to your loan. One of the biggest challenges we face is loan originators fail to take a complete and accurate loan application.... Which often leaves us guessing or wasting unnecessary time trying to figure out something that should have been on the application (yes, I actually do have a crystal ball sitting on my desk as a joke because this is such a problem) so generally speaking... We then run into issues where provide us illegible documents... The one I hate the worst is when people take a picture with their iphone... It's often blurry and low resolution and I simply cannot read the print as a result... Of people will react information.... I get bank statements with black marker through the account number fur example.... Now think about that for a minute... You'd think nothing of handing a personal check to a complete stranger at the grocery checkout... And there is your account number right on the bottom of the check for anyone to see.... Yet they've blacked it out when giving it to the lender who's going to give them a loan of a quarter million dollars.... If I've got a complete and accurate application, and if all the documents are legible, I can fully underwrite a loan in a matter of a couple hours or less....

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I thought y'all were just interested in minimum payments? 

[StartingOver10]

This is an old thread - but an interesting one.  

I'm a Realtor and not affiliated with any lender so my perspective may be different.   As to the underwriters - the typical time frame for the entire u/w process is 2 to 3 business days IME.  That is because they are working on many files, not just one or two.  I have seen people comment on here that their file is in underwriting for weeks.  I think that may be a misnomer. Your file goes to processing to gather documents from the borrower and get the appraisal ordered. Where I usually see delays is in two areas:  if the borrower doesn't supply the information requested timely, it will delay the process; and, big box banks take 2 to 4 weeks longer than a regular non-bank mortgage co or a local bank IME.  

[Anonymous]

Absolutely correct... When they say your file is "in underwriting" that means it's likely with the processor handling getting necessary divs, ordering the appraisal etc. And we do carry a pretty large pipeline of loans... Not only do we have to spruce new loans we then have to review documents that come in to cheat outstanding conditions on the loans we previously approved... Things like appraisal, title commitment, tax return transcripts, etc. So typically a file is actually in the underwriters queue for about 48 hrs for a new underwrite... Once they get to actually working on it in that queue a couple hours.

[Anonymous]

I hate auto correct.... Not cheat outstanding conditions....clear outstanding conditions.

[Anonymous]

Azurtech-

As a underwriter do you typically ask for a P&L from someone who is self employed and closing at the beginning of the year (end of Feb)? I am self employed and my concern is my income is usually lower at the beginning of the year with sales really picking up towards the end of the year so if they ask for a P&L the monthly income will be lower than my average monthly income.

[Anonymous]

Not typicalmy this early in the year...Q3 or Q4 we might but not Q1... We'd go off your 2015 & 2016 tax returns.... If you haven't filed 2016 yet we may ask for a 2016 p&l... But a p&l is just a supporting document...you could put anything down.... Its your filed validated tax returns that are gospel.