What does it mean if my loan application for a mortgage has to be reviewed by a level 3 underwriter?
I was pre-approved but now my loan application is going through underwriting. I had to write a letter because the underwriter said that my loan needs to be reviewed by someone over him. I am a Professor, I elected to get paid over 9 months instead of 12, so they are questioning my ability to pay my mortgage for 2 months without a paycheck but I provided them with my part-time job information, which I will be working over the summer (eventhough I do not need to be because I have enough money in savings). Is this bad ? Will I get rejected ?