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Mortgage Aplication now with Underwriters

  • 11-09-2017 7:15pm
    #1
    cassidy1207987
    Registered Users Posts: 9 ✭


    My aplication was with a review team and has since been passed to an underwriter. I know nothing certain but would the review team access whether or not it has a chance of being approved. Do they look at stamements credit checks ect before sending to underwriters? I understand underwriters go into detail but is it. Somewhat neutral news or does everyone get to Underwriters stage even with bad stamements ect.


Comments

  • #2
    Sono
    Registered Users, Registered Users 2 Posts: 2,427 ✭✭✭Sono


    Think they all go to the underwriting stage as they make the decision to take on the risk or not.

    Are your statements that bad?


  • #3
    cassidy1207987
    Registered Users Posts: 9 ✭cassidy1207987


    Sono wrote: »
    Think they all go to the underwriting stage as they make the decision to take on the risk or not.

    Are your statements that bad?

    Thanks for the reply.. No not at all. I'd say there good. I was just checking if it's a goodish sign the review team passed it to them. My thinking was they wouldn't sent every Tom dick and Harry to underwriting as I'm sure it's costly. So they do a quick. Check to see if somewhat acceptable. I could be wrong that's why I'm here.


  • #4
    Sono
    Registered Users, Registered Users 2 Posts: 2,427 ✭✭✭Sono


    cassidy1207987 wrote: »
    Thanks for the reply.. No not at all. I'd say there good. I was just checking if it's a goodish sign the review team passed it to them. My thinking was they wouldn't sent every Tom dick and Harry to underwriting as I'm sure it's costly. So they do a quick. Check to see if somewhat acceptable. I could be wrong that's why I'm here.

    You should get a response in the next couple of days, personally speaking if you have been saving regularly and show that you can cover your mortgage amount consistently and still not be broke then you should be ok.

    Best of luck!


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    If your application did not meet the lenders criteria and credit policy or if your credit report was bad well it would be declined by the review team so it's looking good that it's gone to underwriting.

    Best of luck.


  • #6
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    cassidy1207987 wrote: »
    Thanks for the reply.. No not at all. I'd say there good. I was just checking if it's a goodish sign the review team passed it to them. My thinking was they wouldn't sent every Tom dick and Harry to underwriting as I'm sure it's costly. So they do a quick. Check to see if somewhat acceptable. I could be wrong that's why I'm here.

    They'll send all applications to underwriting. Review team would vet the application to ensure its within policy, income multiples etc....but the actual credit decision lies with an underwriter, it's called segregation of duties to ensure applications have been reviewed properly. It's also a central bank guideline around risk management. Long story short, nothing to be worried about for the fact alone that it's gone to underwriting.


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