The lender orders an appraisal by a
professional appraisal firm. It is paid for
by the homeowner. This determines the
market value of the home. However, the
final value is not established until the
Loan Underwriter employed by the lender
reviews the appraisal and approves it.
After receiving all pertinent information
from the homeowner and obtaining other
required items, the loan package is
submitted to the Loan Underwriter for
final approval. It generally takes anywhere
from 1-5 days to underwrite a loan.
Underwriting involves verifying all
information and making sure the loan
complies with all laws and regulations.
A conditional approval is provided with
a final home value and any repairs or
additional inspections required, as well as
anything else the lender may need in order to
issue a final approval, so the loan can close.