Skip to main content

Underwriters.... do what exactly?

Trying to figure this out. They have to follow guidelines placed by a lender, so we should assume (trigger for a REAL auditor or compliance specialist) that they actually have enough critical thinking skills to UNDERSTAND the guidelines. Of course, when it's written in a professional language that requires thought, an interpreter is helpful. We know they absolutely, under no circumstances, are not allowed to do ANY math calculations. I mean, if the YTD increases by the same amount bi-weekly, where is that calculation located? They can't be expected to justify the amount on a pay stub without a cited formula and long form calculation provided by the borrower, can they? What about required documents that need "clarification". What clarity can a borrower provide if you have ZERO communication with human beings outside of the cave you live in? Required documents are merely a suggestion because a borrower will have to resubmit them multiple times before an underwriter will even glance at them. Seriously, are you just lazy or too scared to be a professional that holds themselves accountable for work ethics. Practical wisdom is definitely not a required trait for underwriting, so what consequences are there for under-performers? Can they actually say that they "do a good job" or is it just, meh....satisfactory is the pinnacle of their industry standards? As of now and the foreseeable future, I have absolutely no respect for people in this career.

submitted by /u/Additional-Letter584
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1bs63xr/underwriters_do_what_exactly/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more