Is it normal for underwriters to ask for more information?

The bottom line is there’s nothing unusual about being asked to provide more documents after you submit your application. It’s absolutely normal. The key is to be prepared to provide them as quickly as possible, so your loan can close on time. All of this seems very stressful, but it doesn’t need to be.

Why do underwriters ask so many questions?

Fundamentally, the reason we request so much documentation is simple: lenders must prove a borrower’s ability to repay their loan before approving it, and we want to make sure your application is as strong as possible.

Do underwriters talk to borrowers?

You’ll never speak with the person who ultimately decides whether to approve or deny your home loan. Working for the lender, their job is to analyze risk on multiple fronts — how much risk you are as a would-be borrower and how much risk the property itself is.

Can a loan officer influence underwriting?

A loan officer will screen you to determine if you qualify for underwriting. They’ll factor in your annual salary, credit score, debt-to-income ratio and total debt amount, but the numbers aren’t the only important factors in your ability to qualify for a mortgage.

Can I talk to the underwriter?

Underwriters Cannot Directly Ask You Anything It is important to note that underwriters should not be in actual contact with you. All questions and discussions should be handled through your lender or loan officer. An underwriter talking to you directly, or even knowing you personally, is a conflict of interest.

Why do I need to respond to loan underwriting questions?

During the underwriting process, there may be questions or the need for more information. Responding promptly to these requests will keep your application moving forward. Our online loan application makes it easier for you to gather the information they need while staying connected with a trusted mortgage loan officer throughout the process.

Why do Mortgage underwriters ask for an LOX?

In most cases, any deposit over $500 will have to be sourced. So the underwriter might ask for an LOX or other documents to verify the source of such deposits. They do this to make sure you haven’t taken on any additional debt (like a personal loan) that would affect your debt-to-income ratio, and possibly disqualify you for mortgage financing.

What does a mortgage underwriter want to know?

The underwriter wants to know your dates of employment, along with your job-related income for the last two or three years. He or she might also want to know about the probability of your continued employment — at least for the foreseeable future. Mortgage lenders usually attempt to “source” all recent bank deposits over a certain amount.

How long does it take to get underwriting on a house?

Each situation is different, but underwriting can take anywhere from a few days to several weeks. Missing signatures or documents, and issues with the appraisal or title insurance are some of the things that can hold up the process.