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Initial approval

[Music] let's talk about the underwriting process at this point in time your processor has either finished or is about to finish processing your loan and submit it to underwriting so an underwriter is a person that goes through and think of it like a teacher grading the homework the underwriters going to make sure that everything that was submitted matches up with the guidelines of the actual program so they're gonna go through and they're gonna pick the loan apart that's their job that's what they get paid to do they will then give a set of what's called conditions to the processor the underwriting process takes about 48 maybe 72 hours on average certainly different lenders have different turn times but in my world that's pretty typical is about 48 hours ish so what happens is the underwriter looks at it says hey you're good but I'm gonna need these things to finish it out and it could be for example like page four of a bank statements missing it's that page it says you know four four and it's blank but they'll do nitpicky stuff if we've done our job right it should all be admin information like okay it's change the appraiser needs a change road to lane something of that nature so it's typically pretty harmless stuff not always so other lenders out there again they have a different final flow with us should be pretty easy stuff so after your loan gets submitted expect to hear from us within 48 to 72 hours so here's what then needs to happen from your side once we respond you guys need to be johnny-on-the-spot and make sure you get those conditions back to us so our processor they'll let you know what's needed they'll talk through with you maybe it's two or three things get those things back as soon as possible so once that's gathered and maybe some internal conditions or something from length appraised or title company or whatever so as soon as the processor has all that together they're gonna submit all those conditions back to underwriting for final approval so there's steps below again the previous one was processing the processors getting the file already the one after this you guys need to be on the lookout for a CD a closing disclosure check that out that is super super super critical so you guys have to know that that is a time-sensitive document so make sure pay attention to that but on the initial underwriting if you guys have any questions if there's conditions you don't understand even if you're watching this you're working with a different lender let us know we're certainly happy to do we can to explain it and just walk you through the process as always thanks for watching