The Loan Lady Blog

As I struggle through the toil and trouble of getting loans through increasingly difficult guidelines, I often get frustrated with Underwriters.

Underwriters are the ones who hold the final approval power on a loan.  They review every piece of documentation provided on the loan file.  They look for discrepancies or red flags on what they review.  Underwriters must make sure the loan conforms to the lender's guidelines.  If they have a question about something, or require more information, they withhold approval until the information is provided satisfactorily.

Underwriters are under great pressure these days to make sure the loan is a good loan and I do feel a little bit sorry for them sometimes. But as the "gatekeeper" on the loans I submit, I have a love-hate relationship with them--I love it when my loan sails through with an approval, and I hate it when it is not approved or I have to jump through increasingly higher hoops to get a file approved.

I doubt if any child dreams of one day becoming a loan underwriter, but if your child does, arrange for career counseling at once!

  Thursday, May 07, 2009