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By Jeff Lazerson
What I think: As the unsung heroes for both borrowers and mortgage loan originators, mortgage underwriters never get enough credit for thoroughly plowing through application packages to (hopefully) issue your loan approval.
Underwriters are also the first line of defense to protect financial institutions from fraudsters, eventual investor loan buybacks and borrowers who don’t meet lenders minimum credit standards.
A crushing loan application volume increase of late (due to mortgage rates precipitously dropping) means longer lines on everything from loan disclosures, appraisal completions and mortgage underwriting.
I took an informal poll from my lender pals to find out from their underwriters exactly what mortgage borrowers and their loan officers can do to prevent unnecessary delays in getting your purchase or refinance loan funded.
Here are the most common delay complaints about borrowers:
Here are the five most common delay complaints underwriters have about mortgage loan originators:
Mortgage broker Jeff Lazerson can be reached at 949-334-2424 or email@example.com.
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