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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 and are always prepared to help you qualify for low-interest rates and fees.

The Qualification that Our Underwriters Look For

There are several financial determinants that our underwriters look for. 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 actually have to meet two different sets of criteria—the government’s Department of Housing and Urbanization (HUD) as well as the mortgage company. 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 underwriter prevalent 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 the state of 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.

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We have helped more than 20,000 El Paso families realize their dream of HOMEOWNERSHIP.

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We have helped more than 20,000 El Paso families realize their dream of HOME OWNERSHIP.

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Texas Mortgage Banker Consumer Disclosure: PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE MORTGAGE BANKER REGISTRATION AND RESIDENTIAL MORTGAGE LOAN ORIGINATOR ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE HEREBY NOTIFIED OF THE FOLLOWING: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE, SIGN AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV.

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