Loan status says “submitted to underwriting”…

[EaglesFan2006]

... and next step is conditional approval.   Does that mean they already received back the appraisal and was in line?    Basically what I'm asking is if the appraisal is part of the processing step or the UW step?

[MortgageMama]

Your loan can be underwritten prior to the appraisal being received. Bacially, it's a first-look at income, assets, etc. minus the appraisal. It's actually a good thing because if there were any issues discovered by the underwriter, they can be addressed early in the process. The conditional approval will show the appraisal as outstanding and any other items that may be needed. Common conditions could be updated asset statements, paycheck stubs, etc.

[ShanetheMortgageMan]

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@EaglesFan2006 wrote:

Basically what I'm asking is if the appraisal is part of the processing step or the UW step?

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It can be done before or after.  Once the appraisal comes in you are usually automatically emailed a copy of it.  You should ask your loan officer or their processor as only they would know at this point.