Underwriting Verification Services
At Investigative Resource Center, we provide underwriting verification services for those in need. Underwriting is the process of a lender verifying income, assets, debt, credit and property details in order to issue a final approval on a loan application. Underwriting happens behind the scenes, but that does not mean that you are not involved in the process. Your lender might ask for additional documents, like proof of assets, or answers to an underwriter's question, like the origin of a flagged deposit.
The Underwriting Process
In general, underwriting is a crucial step in the overall loan approval process. During the underwriting, a financial expert known as an underwriter assesses various aspects of your financial situation in order to determine whether or not you are a suitable candidate for loan approval. If you believe something is amiss with your underwriting process, that us when reach out to us. We can help you with this service.
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Here is a quick rundown of the underwriting process. Any questions about it, please reach out to our office. We can go over the parameters of our underwriting verification services. Other common investigative services we provide include identity theft training, auditing services, and workers' comp investigations.
Verification of Income & Employment
This is where the underwriter reviews your bank statements, credit history, and pay stubs in order to verify your employment and income. If you are self-employed, you may need to submit transcripts from your tax returns.
Assessment of Assets
During the underwriting process, underwriters will examine your assets, which includes checking and savings accounts, stocks, bonds, and proceeds from the sale of tangible items. The underwriter ensures that you have sufficient funds for the down payment, closing costs, and future mortgage payments.
Condition Approval
Many borrowers receive a conditional approval before the final approval. If there are any discrepancies or questions that arise during the review, then the underwriter will issue a list of requirements that need to be met.
Additional Documentation
In order to meet the conditions, you might need to submit some additional documents, which include the following:
- Additional bank statements or pay stubs.
- Gift letters if someone provided funds for closing costs or the down payment.
- Verification of insurance (required for conventional loans with less than 20% down).
Final Approval
Once all of the conditions are met, then you will receive final approval. You will get closing documents at least three days before closing in order to review and sign in time. Some lenders fund the loan almost immediately. But others may take a day or two to review the signed package.
Tips on How To Have the Best Underwriting Experience
Your lender will handle most parts of the underwriting process for you. However, there are ways you can help ensure you have the best experience possible. If you do not believe you are having the right experience, then call upon Investigative Resource Center today for our underwriting verification services. Here are some recommendations for having the best experience possible.
Do Not Apply for Any New Credit Lines During Underwriting
Any major financial changes and spending can cause problems during the underwriting process. New lines of credit or loans can interrupt the process. It is also wise to avoid making any purchases that might decrease your assets. Once you close on the mortgage, then you can move ahead with any planned purchases.
Respond to Inquiries ASAP
During the underwriting process, your lender will likely contact you and request additional financial documents, such as bank statements or other proof or income or assets. It is smart to respond to these requests as soon as possible. Oftentimes these requests are made because the underwriter cannot proceed or approve your home loan with the requested information. Any delay in response can lead to a delay in the whole process!
Be Honest About Finances
Your underwriter will know immediately if you are not being honest about your income, credit history, or assets. So there is no reason to hide any of that information. During the process, include notes and explanations for entries that might stick out on your credit report or statements.