It means that you have completed your mortgage application and most likely passed an initial screening by an automated underwriting … The four C's – credit, cash, collateral and capacity to repay are critical components of this first stage. If you have special circumstances, like a decent net worth but no credit history (aka you have money but no debt), your lender might choose manual underwriting instead of an automated process.

The mortgage lender and loan officer you choose, the type of loan you need, and the general level of detail you've put into gathering your documents will play a large part in determining your personal level of underwriting discomfort." A loan file typically makes it to an underwriter's desk after passing a preliminary review.

The underwriter working on your loan reviews your loan application and uses supporting documentation to figure out whether or not you can afford a mortgage. "Submission to underwriting" is progress. During the mortgage underwriting stage, your application moves from the desk of the loan processor to the mortgage underwriter. The next step in the much-ballyhooed underwriting process can vary a great deal depending on your loan officer and lender. Underwriting is the process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing either equity or debt securities .

The mortgage underwriter will ensure your financial profile matches your lender’s guidelines and loan criteria and he or she will ultimately make the final decision: to approve or deny your loan request.

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