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Hi! My name is Nate Fain and I've been a mortgage loan officer for over 10 years.
I started making videos in 2018 to try and help people better understand the mortgage and home-buying process.
No matter where you are in your home-buying journey, I hope you find my content to be helpful!
My team covers half the United States, and we're all VERY passionate about helping people obtain the dream of homeownership and building wealth through real estate!
If you'd like to schedule a call with me, click here [ Ссылка ]
To get a free rate quote, click here [ Ссылка ]
If you're ready to get the pre-approval process started, click here [ Ссылка ]
If you're not ready but you would like more helpful content, here's my landing page with all of my social media platforms linked
[ Ссылка ] What's an underwriter? What do they do?
Who is the mysterious figure behind the curtain?
An underwriter is one of the most important roles in a mortgage transaction. Simply put, the underwriter is there to make sure that:
The borrower/borrowers qualify for the loan according to guidelines
The proper documentation is there to prove that the borrower/borrowers qualify
If a loan is closed and it ends up not fitting guidelines or required documentation is missing, that could cost the lender A LOT of money. So, the underwriter is the final set of eyes that makes sure the loan package lines up so that the company is protected.
Lenders will verify credit, income, and assets - those are the three factors as to whether or not you can qualify for a mortgage. Depending on how those three factors look, can depend on what documents you'll be required to provide.
Now, there's an industry standard for documents and underwriting guidelines set forth by Fannie Mae, Freddie Mac, and various government entities. But, lenders can have extra guidelines or documentation standards depending on their policies or their investors.
A lot of people get scared when an underwriter requests documents - they think they're being questioned or their loan is about to be declined. However, if your loan officer did their job correctly up front, the underwriting process should just be a mere formality. The focus should be getting proper documentation, not whether or not they qualify.
A good loan officer is supposed to be able to spot deal-killers and problems before the underwriter gets the file. Loan officers are supposed to have a pretty good handle on guidelines as well. So, try not to worry when your file is in underwriting, or is out of underwriting and more documentation is needed. If your loan officer did their job, those additional documents are there to make sure the loan is documented properly.
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If you ever have any questions, feel free to drop it in the comments section.
Also, if you'd like to follow me on my other platforms, here are the links below. I try to post 4-5 times a week at the minimum on my Instagram and TikTok. I just started my blog, but plan on posting 4-5 times a week there as well.
IG: [ Ссылка ]
TikTok: [ Ссылка ]
Blog: [ Ссылка ]
Although I am a licensed loan officer (NMLS 478026), this is not an attempt to solicit for any lending products, this is for educational and entertainment purposes. Everyone's situation is different, so consult your loan officer and real estate agent/REALTOR to better understand your situation and options.
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