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Underwriting functions as the review that is final of borrower’s loan file.

Underwriting functions as the review that is final of borrower’s loan file.

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.