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A Broker is NOT the same as and Underwriter (U/W).
The Broker usually owns the mortgage company. He contracts with several companies to write loans for their companies. Once these loans are written and closed, the broker will receive compensation.
The U/W is the person that reviews the loan documents for accuracy, insuring that all income and asset documentation is correct, and reviewing the appraisal for industry standards.
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∙ 14y ago
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What is a mortgage underwriter?
A mortgage lender or broker who approves or turns down loan applications based upon the quality of the real property, credit-worthiness and ability to pay according to the guidelines of the lender with regard to ratio of mortgage loan to value of property.
What does it meant to be a mortgage underwriter?
To be a mortgage underwriter means that one determines if the risk of lending money to an individual is acceptable. Today, mortgage underwriter and banks use computer models to help determine this risk.
What is the difference between broker and underwriter?
Answer A person who buys and sells things for other people is called 'Broker'. A person or organization underwrites insurance policies, especially for ships is called 'Underwriter'
What does a mortgage underwriter do?
Determines if the borrower and property meet criteria to make a mortgage and at what rate and other terms.
Can a mortgage broker process his own mortgage application?
Yes In the US, no.
What is a mortgage underwriter?
A mortgage lender or broker who approves or turns down loan applications based upon the quality of the real property, credit-worthiness and ability to pay according to the guidelines of the lender with regard to ratio of mortgage loan to value of property.
What does it meant to be a mortgage underwriter?
To be a mortgage underwriter means that one determines if the risk of lending money to an individual is acceptable. Today, mortgage underwriter and banks use computer models to help determine this risk.
What is the difference between broker and underwriter?
Answer A person who buys and sells things for other people is called 'Broker'. A person or organization underwrites insurance policies, especially for ships is called 'Underwriter'
What is the total cost and is there a difference in supervised Mort Broker and Mortgage Broker?
I think there was no difference between supervised Mort Broker and Mortgage Broker. from the following link you can get the information about total cost of Mortgage Broker au.pfinance.yahoo.com/home-loans/features/online_homeloans/index.html
What does a mortgage underwriter do?
Determines if the borrower and property meet criteria to make a mortgage and at what rate and other terms.
Can youwork for a mortgage broker and title agency at the same time?
Sure. Just like you can work for two different 7-11 stores as long as you have separate hours for each. I take it in your question that the Mortgage Broker and Title Agency are owned by the same owner and in the same office. No big deal.
Can an underwriter require a bill of sale if not required by law we are working on a mortgage with Wells Fargo and the underwriter in Iowa is requiring us to find the person we sold a car to in MN?
The underwriter can require anything they wish.
Can you work for a mortgage broker and a real estate broker at the same time?
Yes you can and many realtors do. There are certain restrictions and guidelines that must be followed to stay in compliance.
Where can I find mortgage broker training?
Capstone instutute of Mortange Finance offers mortgage broker training. http://www.capstoneinstitute.com/ I think that your best bet would also be talking to a local Mortgage Broker and seeking their advice.
Can someone be a stockbroker and a mortgage broker at the same time?
Like anyone has times for 2 jobs like that <.<
Can a mortgage broker process his own mortgage application?
Yes In the US, no.
Where can one find a guide on how to become a mortgage banker?
You can find a guide on how to become a mortgage banker online at the eHow or Mortgage Broker Daily websites. Once on the websites, do a search for Mortgage Broker to find the guide.
