4. Conditional Approval & Review
The Underwriter will review all the documents that were sent by the processor and make sure they all are complete and meet your specific loan’s guidelines.
Afterwards, the Underwriter will create a final list of items needed to approve your loan for closing. This is known as a Conditional Approval. These are things you must do, or documents you must provide, to the processor in order for the loan to be approved.
Once all items are received, the processor will send the requested items back to the Underwriter for final review and approval. Assuming all of the items are in the file and are exactly what the Underwriter is looking for, the loan will be Cleared to Close.
Loan processed, conditions met. Check here and check there. Checkmate.