Underwriters Final Checks

matchboxfull

What do underwriters final checks mean in practise?

Our application is with Nationwide, so we've (as I understand it) already passed a full credit check at DIP stage. Is it the case that the team then collate the relevant paperwork and pass it on to the underwriters who make the decision? Or is it that the team go through the application more thoroughly than that before passing it on, noticing any issues that might cause a decline, and then pass it to underwriters to give it a once over?

And once it does go to the underwriters what sort of time frame would we be looking at, or is that a piece of string question?

The valuation has already been approved.

Thrugelmir

An Underwriter is a person with the authorisation to issue a mortgage offer to you on behalf of the lender. In essence they will review your complete application file. There'll be teams with the responsibility of ensuring that all the required documentation is obtained, credit checks performed, employment references, property valuation is satisfactory etc etc.

betmunch

Nationwide operate a very silly system where unqualified admin staff look over each piece of information in different departments, ie one department for payslips, one for bank statements, one for ID.


After each department has signed off their specific documents a proper underwriter looks at the case as a whole and does what they like to call a plausibility check.


Assuming they have nothing to ask you about then you will have the mortgage offered, if they have questions for you they will need to be answered satisfactorily to get the mortgage offered.

matchboxfull

Thrugelmir wrote: »

An Underwriter is a person with the authorisation to issue a mortgage offer to you on behalf of the lender. In essence they will review your complete application file. There'll be teams with the responsibility of ensuring that all the required documentation is obtained, credit checks performed, employment references, property valuation is satisfactory etc etc.

Thanks. that makes sense.

betmunch wrote: »

Nationwide operate a very silly system where unqualified admin staff look over each piece of information in different departments, ie one department for payslips, one for bank statements, one for ID.


After each department has signed off their specific documents a proper underwriter looks at the case as a whole and does what they like to call a plausibility check.


Assuming they have nothing to ask you about then you will have the mortgage offered, if they have questions for you they will need to be answered satisfactorily to get the mortgage offered.

Thanks. This explains why we got one simple query about payslips one day and then another the next day. Seemed silly that the queries weren't made together.

We are not concerned about anything apart from overtime. How likely is it that the underwriters will query the fact that one (out of three) payslips showed a high amount of overtime? This figure was used by the Mortgage Consultant to create a three-month average which, in turn, shaped affordability.

betmunch

matchboxfull wrote: »

How likely is it that the underwriters will query the fact that one (out of three) payslips showed a high amount of overtime? This figure was used by the Mortgage Consultant to create a three-month average which, in turn, shaped affordability.

An excellent example of the plausibility check for future reference:


The final checking underwriter will need to be satisfied that the overtime is plausible and has not been skewed by a lucky month which has pushed the total up.


If he is concerned that the single large month out of three is actually a single large month out of 12 he will re-evaluate the case.


If hes happy that the 3 month average is sustainable long term then the plausibility check is passed and the case can proceed. He may be able to do this from the info he has, or he may ask more questions.

rochey1098

I have just gone through the Nationwide underwriters, our valuation was done on the 7th of Jan, a text to say the mortgage offer was being issued came through on the 13th of Jan.

Hope that helps, I know it's a crappy time waiting but it only took around a week... hold tight hehe