STEP 8: Underwriting
Once the processor has put together a complete loan package with all verifications and documentation, the file is sent to the investor. The underwriter is responsible for determining whether the package is deemed an acceptable loan. If more information is needed, the loan is put into "suspense" and the borrower is contacted to supply more information and/or documentation. If the loan is acceptable as submitted, the loan is put into an "approved" status.