Mortgage glossary
Underwriting
Definition: Underwriting is the lender's process of verifying a borrower's income, assets, credit, and the property to decide whether the loan meets program guidelines and can be approved.
Most files start with an automated underwriting system, then an underwriter reviews the documents, appraisal and title work. The usual outcome is a conditional approval listing remaining items, followed by clear to close once those conditions are satisfied.
Fast, complete responses to condition requests are the biggest factor a borrower controls. Network Funding underwrites and processes loans in-house, which helps our team keep files moving. Most of our loans close in 21 to 30 days from contract, and some close in as few as 10 days depending on loan type.
Related terms
Reviewed by Kyle Richardson, NMLS #863464. General information, not advice for your specific situation. All glossary terms
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