Begin Your House Loan Journey
- Past Lesson 7.3 Maintaining Your Loan on course
- In this class
- Phases of Underwriting
- The Underwriter’s Job
- Underwriting Results
- Underwriting Conditions
- Next Lesson 8 Closing In Your House
Phases of Underwriting
Purchasers enter the very first phase of underwriting during preapproval.
VA loan providers generally depend on an “Automated Underwriting System, ” or AUS, to determine a buyer’s preapproval status. An AUS is a pc system that immediately evaluates a buyer’s eligibility, centered on many different facets.
Its not all qualified borrower shall get AUS approval. In those instances, loan providers may give consideration to a “manual underwrite, ” which will be an even more involved procedure that typically utilizes more strict needs. Continue reading Underwriting functions as the review that is final of borrower’s loan file.