Underwriter represents the lender determine no fraud involved any documents submitted.
Process if your entire stack list can take 48 hours up to several weeks. You are not the only file the underwriter is working with MOST work with "1st in 1st out processing". THEN if there are conditions returned back to mortgage broker have clarity on any questions. Matter of response from you to your broker, broker back to underwriter.
Underwriter is aware of contract closing dates meet all obligations. If the mortgage broker forwards data correctly has data from you makes easy for underwriter.
The underwriter is the lenders employee that looks over all of the submitted loan documents and verifies that all the i's are dotted and t's crossed. As a Mortgage Broker and a Realtor I have seen underwriting times range from one day to many weeks when things go crazy. It really depends on the file and the lenders workload. When interest rates first dropped to these historically low rates about 18 months ago lenders like Wells Fargo were taking 40 days in underwriting. My top 3 lenders that I use consistently take anywhere from 1-3 days to give me an approval after file submission.
If your loan application has issues or is more complicated that can increase the time. I would talk with your loan officer and find out what the delay is and if there is anything you can do on your end to expedite matters.
Good luck with your home purchase.
They review the property to be sure it is good collateral. They review the credit history - to see if the borrower has borrowed in the past. They review the income to be sure the borrower is not in over their head.
The process should take a few hours - but it can take up to 2 weeks to prepare the file for underwriting and make its way through the system,
Serving MD, DC and Northern Virginia