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Each year, Mortgage Investors Group helps thousands of homebuyers select the home loan program best suited to their needs. Yet, few people outside of the mortgage lending industry understand the hard work happening behind the scenes that leads up to the memorable day when the borrower receives the keys to his or her new home. To commemorate National Mortgage Professionals Month this September, we’re sharing insights into the important roles each department plays in ensuring our borrowers are able to finance the home of their dreams. This week, we focus on the Underwriting Department.
Underwriters are the bread and butter of loan approval. They aren’t the ‘competitor’ like most people think. It’s their job to determine if you can afford a loan. Our underwriters know the key factors to consider and look for to ensure you don’t get into a loan you can’t afford.
No race car driver would get into an unsafe car and drive 100 miles an hour, right? The same is true of our borrowers. We want you to get to the finish line safely, and that’s what our underwriters are here to do.
The Underwriter’s Job
Underwriters are tasked with protecting the company and the borrower. They must make sure a borrower can afford a loan so that the borrower doesn’t lose their home and the lender doesn’t lose money.
Underwriters evaluate many factors, including:
- Income
- Assets
- Credit
- Collateral
Underwriters review this information to make sure it proves you can afford the loan and that the loan makes sense. For example, if the home isn’t worth as much as you offered, the underwriter’s job is to turn the loan down because it’s a bad investment.
Underwriters also closely evaluate your income, its likelihood of continuing, and your assets to ensure they provide the opportunity to pay the loan not only today but for the next 15 to 30 years.
The Underwriting Team at MIG
We are incredibly proud of the underwriting team at MIG. They are the backbone of our company and are what get our borrowers to the finish line safely.
We have a team of 17 underwriters, each with incredible experience as loan processors and underwriters. Most of our team has over 20 years of experience in underwriting, so they know what they’re doing when they get your loan in their hands.
Our underwriters work hard for our borrowers, serving clients in the utmost caring and effective manner. Each team member stays up-to-date on industry changes affecting borrowers and lenders. But, they also understand at the end of the day that a human on the other end of this application is holding his breath, waiting for the final answer. They know they are the answer to will a borrower get to cross the finish line with the keys to their dream home in hand.
