Underwriting essentially means they are reviewing everything -- your loan application, financial info, the contract, insurance, HOA info, title, etc. to assess your eligibility for the loan and whether they want to loan to you for this particular property. They may come back with a list of items they need -- i.e. updated bank statements, most recent pay stubs, another tax return, etc. Sometimes they come back with nothing and give you final loan approval. Sometimes you have to go back and forth a couple times. Either way...it's a good thing. One step closer to loan approval. Good luck!