Begin Your House Loan Journey
- Past Lesson 7.3 Maintaining Your Loan on the right track
- In this training
- Phases of Underwriting
- The Underwriter’s Job
- Underwriting Results
- Underwriting Conditions
- Next Lesson 8 Closing On The House
Phases of Underwriting
Purchasers go into the very first phase of underwriting during preapproval.
VA loan providers generally depend on an “Automated Underwriting System, ” or AUS, to determine a preapproval status that is buyer’s. An AUS is some type of computer system that immediately evaluates a buyer’s eligibility, predicated on a number of facets.
Its not all qualified debtor shall obtain AUS approval. In those cases, loan providers may think about a “manual underwrite, ” which will be a more involved procedure that typically utilizes more strict needs.
Various loan providers may have various needs, but, generally speaking, items that can trigger a manual underwrite add a previous bankruptcy or property foreclosure; standard on federal financial obligation; belated home loan repayments; and much more. Continue reading “Underwriting functions as the last summary of a borrower’s loan file.”