The mortgage loan process
Days 15 through 25: Lender underwriting

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The underwriter reviews the loan package to determine whether to approve the loan. If more information is needed to make a decision, the loan is put into suspense and you will be requested to provide additional information.

It’s critical that you respond immediately to requests for information at this point in the loan process. If not, you risk delays and the possible expiration of locked interest rates.

If you have less than a 20% down payment, the loan is submitted to a private mortgage insurance (.pdf) provider, such as MGIC. The loan is usually submitted at the same time the lender underwrites the loan.

An underwriter at the mortgage insurance company reviews the loan package. If approved, the loan goes back to the closing department of the lending institution for closing and final packaging. Most loans are approved in 24 hours or less. If more information is needed to make a decision, the loan is put into suspense and additional information is requested from the lender.