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Loan Officer vs Underwriter

Established Contributor

Loan Officer vs Underwriter

I have a contract now that my lender is reviewing.  I've been in pretty good contact with him since late June about my FHA loan.  He's answered every question, but now that the underwriting process is about to being i'm starting to worry.  So I'm hoping to get a better understanding of something.   I understand the difference between an LO and UW, but do they work together?  Does the LO know who the UW is?  Basically I guess the concern I have is that what if there's a complete disconnect between the LO and UW, where the LO has repeatedly told me I'm good ever since he did automated underwriting, but the actual UW has a completely different philosophy on what I need, how he intereprets certain things, etc?  Or is that all much adieu about nothing?

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Message 1 of 6
5 REPLIES
Established Contributor

Re: Loan Officer vs Underwriter


@EaglesFan2006 wrote:

I have a contract now that my lender is reviewing.  I've been in pretty good contact with him since late June about my FHA loan.  He's answered every question, but now that the underwriting process is about to being i'm starting to worry.  So I'm hoping to get a better understanding of something.   I understand the difference between an LO and UW, but do they work together?  Does the LO know who the UW is?  Basically I guess the concern I have is that what if there's a complete disconnect between the LO and UW, where the LO has repeatedly told me I'm good ever since he did automated underwriting, but the actual UW has a completely different philosophy on what I need, how he intereprets certain things, etc?  Or is that all much adieu about nothing?


If you're AUS approved, the underwriter goes off by the AUS. If there are little minor things that the underwriter needs clarification on, they'll ask for additional docs. Other than that, if the LO read the entire findings, it should be fine. 

Mortgage Loan Officer in Greater Chicago Area plus 49 states
Message 2 of 6
Regular Contributor

Re: Loan Officer vs Underwriter

Most lenders follow the AUS, some lenders do have overlays (extra layers, guidelines, or hoops to go through). If your LO works for a lender, I am pretty sure they know the UW. If they are a mortgage broker, then it just depends which lender the mortgage broker will be sending the file to. I wouldn't worry until there's something to worry about. At least your LO did their due diligence upfront. Other LOs don't even run the AUS. Relax and follow the guidance of your LO. Don't buying anything on credit, don't move any money around unless you speak to your LO. Fly low and avoid the radar.

 

Best wishes to you!

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 3 of 6
Established Contributor

Re: Loan Officer vs Underwriter

Thanks all. Signed disclosures today so I guess the ball is rolling. Lender said all looks good. Just a little nervous about the VOE and hoping my HR dept acknowledges OT will continue. I know it will, I just hope they check the box. Assuming the VOE is written
Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Message 4 of 6
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Established Contributor

Re: Loan Officer vs Underwriter

Got the email from loan officer that their LP has done their process and the loan is officially in underwriting. I guess the docs worked. Still nervous but a bit more optimistic. I hope it goes smoothly.
Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Message 5 of 6
Established Contributor

Re: Loan Officer vs Underwriter

Through 1 day of underwriting and I guess no news is good news!
Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Message 6 of 6