The underwriter is the most important person in the mortgage approval process, BUT WHOM YOU WILL NEVER SEE OR MEET. Contrary to popular beliefs, they don’t try to “kill the deal” or work where “loans go to die”. They are critical to the mortgage process, as they are the ones who will approve or deny your loan. They prepare a careful, detailed analysis of the loan package to determine if you, as the potential borrower, present an appropriate level of risk to the lender.
No lender funds or closes on a loan without the approval of an underwriter. Sometimes their job is to simply check over the figures, make sure all paperwork is in order and give the approval. Other times, they may need to look over all of the paperwork in more detail, obtain additional information, make verifications and make a sound decision based on their experience and good judgment.
Lots of responsibility rests on the underwriter because if they are wrong and the buyer defaults on the loan, it could cost the lender. If they work for a mortgage broker and there are too many defaults, it could cost the company its relationship with the lenders who fund their loans.
My advice to any buyer is to provide whatever the underwriter requests as a quickly and accurately as possible. Your real estate professional should be able to provide you with guidance in interpreting what the underwriter may be requesting from you.