I’ve read every definition I can find and I’m none the wiser. In fact, I can actively feel my IQ decreasing.
I get it’s to do with risk but what does an Underwriter actually do on an average Tuesday?
Thank you!
In: Economics
They are weighing the evidence collected in the loan process and comparing it to organizational standards for data validity, confidence, and lending policy. Essentially they are checking that the calculation of “Will this person pay the loan back?” was done according to organizational standards. They are supposed to be an unbiased double-check, by someone with no financial interest in the loan being funded or not funded. The loan officer is sometimes on commission, so they make more if you get approved, and that could lead to abuses without this double-check.
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