how financial “underwriting” works
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Worked for an online car buying business with the tall glass vending machines filled with cars. As an underwriter for the online purchases, I basically ensured we had the proper documents on file to move forward with the purchase and setting up any sort of loan contract – most of these vehicle purchases were financed via loan either through the company’s loan drafting partner or through the purchasers desired third party. Once proper documents were on file, we manually checked said documents and ensured proper regulations were followed/they are actually the appropriate documents (can’t tell you how many random images we got of just about anything you can think of unrelated to purchasing a car online). If a loan is involved, we do some basic number checks based on the income documents and plug those numbers in to ensure the system is ok with approving the loan. From there, once everything was given the green light and the purchase was going to move forward, we’d reach out to the purchaser and schedule the delivery/pickup appt. *As a word of caution, I would strongly recommend NOT working for OR buying a car from this company, but please do your own research before making any serious decisions.
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