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What does underwritten mean?

We are trying to buy a house and today my husband talked to "our people" and they said we've been underwritten, but we need some more stuff. What does that mean?

 
heartfrommyson

Asked by heartfrommyson at 1:37 PM on Sep. 23, 2009 in Home & Garden

Level 3 (18 Credits)
This question is closed.
Answers (4)
  • the underwriter works for the lender and goes through the loan file to make sure that it has met all conditions, verifications, ect. They also make sure that it meets the guidelines per the investor. From there typically you will get the final approval, decline or perhaps a suspense...if you recieve approval it will have prior to closing conditions and prior to funding conditions. Also if it is suspended it will state why and what conditions they want to see before approving the loan. They will also give detailed explanations if it is declined as well. You will most likely never see this paper work as it will go to your broker/Loan officer/consultant etc
    mamakirs

    Answer by mamakirs at 2:05 PM on Sep. 23, 2009

  • Underwritting is one of the mortage processes. It is someone who goes over all the paperwork, your aplication, the appraisal, etc. They may have questions for the appraiser or need something more from you. Once their questions/concerns are taken care of you should be cleared to close. It means you are one step closer (they can't send it to underwritting until they have Everything) Congrats and good luck
    NHRachel

    Answer by NHRachel at 1:40 PM on Sep. 23, 2009

  • They probably meant it's been given to the underwritter for approval. An underwritter is someone who is above the Lender and gives the final stamp of approval if their having an issue with getting you approved from a bank. A underwritter can work out more deals with banks then a Lender can when given more documents.
    mommymine3

    Answer by mommymine3 at 1:42 PM on Sep. 23, 2009

  • You can Google it, like i did."meaning of underwritten"
    louise2

    Answer by louise2 at 1:45 PM on Sep. 23, 2009

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