"lender underwriting" usually occurs between days fifteen and twenty-five. The underwriter is responsible for determining whether the combined package passed over by the processor meets all the lender's criteria. If more information is needed, the loan is put into "suspense" and the borroweris contacted to supply more documention.

"Mortgage insurance underwriting" occurs when the borrower has less than 20% of the loan amount to put towards a down payment. At this time, the loan is submitted to a private mortgage guaranty insurer, who provides extra insurance to the lender in case of default. As above, if more information is needed the loan ges into suspense. Otherwise it is usually returned back to the mortgage company within 48 hours.