Rocky Mountain Mortgage Company Provides Delegated Underwriting

Mortgage underwriters play a vital role in the home lending process. They are the financial experts responsible for analyzing your finances and assessing how much risk a lender will take if they decide to provide you with a home loan. More specifically, underwriters evaluate your credit history and assets, the size of the loan you request, and how well they anticipate that you can pay back your loan. Most mortgage companies have to outsource their underwriter services outside of their business, slowing the loan process down. This, undoubtedly, can become very tedious. However, when you team up with Rocky Mountain Mortgage Company, you won’t have to deal with this inconvenience. We have delegated underwriters on standby. They are always prepared to help you qualify for low-interest rates and fees.

The Qualifications that Our Underwriters Look For

Underwriters look for several financial determinants. The primary goal of an underwriter is to make sure that the loan is insurable. The underwriter will also check to see if the homebuyer or borrower meets the lender’s minimum criteria. In order to qualify for an FHA or VA loan, you’ll have to meet two different sets of criteria—the government’s Department of Housing and Urbanization (HUD) criteria and the mortgage company’s criteria. Banks and mortgage companies can impose their own guidelines on top of those issued by HUD, and their guidelines might be even stricter.

Fannie Mae Coverage Guidelines

A home buyer or borrower must also meet minimum credit requirements in order to be eligible for Fannie Mae-backed mortgages. Fannie Mae is a government-sponsored enterprise that works as coverage for a mortgage company and its lenders. It is intended to help mortgage companies recover from borrowers who fail to pay back their loans. Despite the fact that some loan programs are backed by coverage, it is important to have an experienced underwriter in the process to help avoid any damage being done to the lender and borrower.

Choose Rocky Mountain Mortgage Company

Rocky Mountain Mortgage Company is considered a leader in El Paso, Texas since we provide in-house delegated underwriting, making the process easier for lenders and borrowers. Learn more about the importance of in-house delegated underwriting by contacting us, today!