Behind the Scenes with an Underwriter

Often, Underwriters are seen as some mysterious force behind your loan but they are often people too! Below are the questions we go over in the interview. So tell me what is the primary job of the underwriter in the process of getting a loan approved? What are the items in a file an underwriter reviews while going through a file for approval. Credit, Income, Collateral, cash or equity to close? Why do we require third party documentation on files, like verification of employment and tax audits when needed? Can you explain what role an automated underwriting approval plays in the process. Can you address the good information in to get correct output? Can you address how you look at variable income like commissions, bonus, overtime, and self-employment? Can you explain the likelihood of continuance for 3 years when analyzing income? Why is this important in the analysis of income?