As a continuation of our home buying video series, we’re explaining the process of qualifying for a mortgage and what happens during underwriting.

Once we’ve collected all the documentation for your mortgage application, and our processing team has reviewed the information for accuracy, your loan file will get sent to our underwriting team.

The underwriter’s primary job is to assess the risk of lending and protect the homebuyer’s best interest. Before your application receives the official stamp of approval, the underwriter will review your financial information to ensure all the required lending guidelines are met.

While a loan is being reviewed by underwriting, it’s not uncommon for the underwriter to issue a “conditional approval.” Don’t worry, this is a normal part of the mortgage process. This simply means your loan is approved with the condition that additional requirements are satisfied before closing.

Oftentimes, we are waiting for an appraisal report or proof of homeowners insurance to be submitted so we can officially provide a “clear to close.” Without that documentation, the underwriter won’t be able to issue a decision on the loan.

The key is getting the requested documentation from underwriting to your loan officer as quickly as possible. Once we have all the documents we need, the underwriter will review your documentation one last time. If all the conditions have been satisfied, we will issue a clear to close and you can schedule your closing date.

Watch the video below to learn what happens when your file gets sent to underwriting, and how you can ensure your application is approved quickly.

Disclosure: Ross Mortgage Corporation gave a small thank you gift to each customer who willingly offered to share their experience and be part of this video.


Tim Ross is CEO of Ross Mortgage Corporation and a lifelong mortgage lender. He has served as president of the Mortgage Bankers Association of Michigan and two terms as a governor on the Residential Board of Governors with the Mortgage Bankers Association of America. Today, Tim is an active participant, charter member and past director of America's Mortgage Cooperative and recently served as the Chairman of the Mortgage Industry Advisory Board for the State of Michigan. Outside of work, Tim enjoys running, golfing and participating in triathlons.

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