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congratulations your file is now going into underwriting what do we mean by your file is going into underwriting so basically what we've done is we've run your loan through either Fannie Mae or Freddie Mac's automated underwriting system like a computer system it says that the loan is approved and that's why we're at this next stage at that point we gathered all your information you went through that stage already sorry if there was frustration but and thank you for those who cooperated with us real well and got us everything really quick so now it goes into underwriting what do we mean by your file is going into underwriting or we submitted your loan to the underwriter okay we take we've taken all your information and it's this information down below we've taken your income your employment histories your credit reports your savings account bank statements in most cases at this point yet we don't have an appraisal because we don't want you to pay for an appraisal have that expense and in most cases it's it's on average $450 we don't we don't want you to have that expense if you do not get completely approved okay so basically we send in all the information it usually takes between two two and five business days depending on the workload in the flow of business at that time but then what happens is a person kind of goes through the automated findings that we have so let's think of it as we run your loan through a computer system it sends back an okay your loan is approved and now we have to prove the things that we put on your application meaning we said that you work at XYZ company and make X amount of money how do we prove that well bank statements or I'm sorry pay stubs and tax returns and w-2s so we submit that information your employment history a lot of times we'll get a verification of employment to prove when you started how long you been there and how your pay is broken down credit history we have a credit report savings and source of money we have your bank statements so we send that information into a person a physical person to review they then will come back and do three things they will approve your loan based on the guidelines and this is an FHA loan that I'm discussing but it's the same thing if it's not an FHA loan then suspend your file because let's say we're missing or our pay stubs old or there's a deduction on the pay stub that we missed that there's you know we they want to find out what it is so they can factor that into the whole equation or it's denied and that means something is wrong and you're gonna get a prompt or an email from us each stage of the each stage that we hit of this to let you know that you have passed to the next stage so now the underwriter let's let's assume in this case they approve it we come down here there's gonna be two sets of conditions that we need to get one is prior to loan Docs so those are things that we need to get cleared prior to being able to set a closing okay a lot of times we have a purchase and an attorney might come back and say well we don't have title yet we need to clear to close first that's wrong I need that to get my prior to docs condition so there's going to be multiple things that we might need prior to Docs and then there's things prior to closing so at the closing table let's say prior to Doc's a good example is you know your ID is illegible we need an updated you need to bring money to the closing we show that you have it but we want to see the make sure the account that we have the bank account that we have showing where it's coming from in fact it's coming out of that account so if you give us a Citibank bank statement but you come to your closing and you drew that money off a chase account that we don't have it's not gonna work so that might be a prior to closing condition okay so basically and this kind of explains a little bit of this what I'm talking about to where it says your file meets Fannie Mae or FHA guidelines initially your file was electronically underwritten and approved a computer or artificial intelligence is the one that makes the final decision so again we put your loan in the system a computer reads your data spits out the approval and then we start running through this process so that's basically what we mean by your loan is in the underwriting or has been submitted so again if you don't hear from us for two three for five days don't freak out when you want to freak out is when you get a suspense or a deny from us and it'll be prompted that immediately once we get one of those otherwise you're going to get an approval and that in most cases going to prompt the appraisal or a set to closing so that's basically what that is and we'll congratulations you're on to your next step if you have any questions so please give us a call six three oh three three eight eleven sixty take care have a great day