when applying for a mortgage what does the underwriter do?
Asked by PENNY K
my wife and i are applying for a mortgage and couldnt get enough money for the house of our dreams.i had a friend cosign which made40,000 dollars from jan07 untl now. my broker said he had to take information to an underwriter what is an underwriter and why doe the mortgage process take so long?

Best Answer:
Hello. I work for a mortgage lender. The underwriter is the actual person that will look at your application, credit, income, assets, etc...and make an informed decision on whether you should be able to obtain this loan. The underwriter is supposed to use "common sense and urgency" when looking at the loan package. Most of the time, lenders have certain lending guidelines and criteria that you must meet in order to get this loan.