Underwriting- what happens?

Aliceinwonderland_3

I've been chasing my remortgage application and I've been told it is just waiting for underwriting.

I realised when I hung up that really, I don't know what it means. I know the underwriters are concerned with assessing risk for the lender but what exactly will they do? Is it a simple yes or no answer or might they revert for more information? Do pretty much all applications get submitted for underwriting or will they weed out applications before that stage?

Dan_Collins_2

Well they case will be looked at by an underwriter who will look at the case and check that all boxes are ticked etc. They will instruct valuation and then on its return put it together with the application and send it to offer. The actual underwriting of a case does not take that long, its just that your will be in a long list. Once the valuation comes back it goes in to a new list and then when the offer is produced it goes in to a new list to be checked off etc etc.

Conrad

Underwriting can take from less than a day to 12 months, the average being about 8 weeks.

The point about underwriting is that each piece of info recieved can trigger the request of another piece of info.

The key to quick service is filling in every part of the application completely and leaving no stone unturned and to deal with any subsequent requests in a competent and efficient manner (so for example dont provide proof of address with an incorrect name spelling or a red bill, dont provide a Bank statement that is overdrawn etc etc).

Cases can be declined right at the 11th hour, and its pretty much impossible to predict as the market changes so quickly. In my time Ive come accross thousands of reasons for case declinature and every week I meet a new challenge, so really unless you want me to email you a 100 page letter as to all the reasons for declinature I would advise you sit back and be patient

NeilQuinn

Most lenders are taking ages as well! The other week, I was singing the praises of Abbey because they were quicker than most. I've got 4 cases sitting in their queue now & some disgruntled clients.