Home Buying in 60615>Question Details

Levar Willia…, Home Buyer in Chicago, IL

What do underwriters look for in manual underwriting a a mortgage?

Asked by Levar Williams, Chicago, IL Fri Apr 9, 2010

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They just verify all the information submitted. So if you say you made $50K last year, they will verify that with the IRS.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes Thank Flag Link Sun Jan 16, 2011
Levar, A manual underwrite means they will directly compare your W2's, pay stubs, bank statements and your application to insure everything lines up an meets the program's guidelines. An automated underwrite is only as good as the information provided. For example if you say you make $4000 per month, but that is largely due to a recent raise, the lender may average last year’s income against your year to date this year. If the ratios are still within guidelines, even if there is a discrepancy with your application they will approve you.
Best of luck with everything. A manual underwrite is not uncommon.
1 vote Thank Flag Link Fri Apr 9, 2010
Levar,

All loans are manually underwritten. That simply means the underwriter will verify and double check EVERYTHING including your income, employment, credit, assets, appraisal, etc. Typically, if the loan officer cannot obtain an automated approval he/she will forward the file to an underwriter in hopes the underwriter will agree to approve the loan even though the computer denied it. The borrower must have a strong case in their favor, otherwise the loan officer will not waste the underwriter's time.

Did the automated system reject your application? Is there a specific reason for this question? Just need a little more info here....

Mike
mcline@waterstonemortgage.com
0 votes Thank Flag Link Sun Jan 16, 2011
My credit score was 639 one point off .
Flag Tue Jun 18, 2013
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