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3.
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The
lender will typically submit the application package
to an automated underwriting system that will provide
the lender with the necessary documentation needed for
loan approval for your specific application. In some
cases, the lender may also manually underwrite an application
package.
The
lender's processor reviews the credit reports and documentation
to verify your employment, debts, and payment histories.
If there are unacceptable late payments, collections
for judgment, etc., the processor requests a written
explanation from you. The processor also reviews the
appraisal and survey and checks for property issues
that may affect final loan approval. The processor's
job is to put together an entire application package
for the lender's underwriter.
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