Home Loan Approval Question.?
Our mortgage broker has preapproved us by using an electronic underwriting system. Our file has now gone to the underwriter for manual review. Does the underwriter just verify the information that has been put into the computer? Or does the underwriter scrutinize the information further? What are the chances that the underwriter could deny us the loan even though the computer “approved” us?
Our mortage broker has collected all info….such as W2s, verified our employment, checked our credit…etc…. all of that info has been put into the computer loan software…. Now , I guess, the underwriter just verifys? Right?