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4.
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The
lender's underwriter is responsible for determining
whether the application package prepared by the processor
meets all the lender's criteria. If more information
is needed, the loan is put into "suspense"
and you will be contacted to supply more documentation.
If
the underwriter approves the loan, the lender issues
a conditional commitment to lend, orders title insurance,
works with you to clear all conditions to its commitment
to lend, and then schedules a closing time. Conditions
to the lender's commitment may include problems with
credit, income or the property that may arise during
the processing and underwriting process.
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