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Underwriting Stages in the Digital Online Mortgage Process

When you use Warp Speed Mortgage to help you meet your home financing goals, the fully online experience and unique home loan process means you can count on a faster, more streamlined experience than what other mortgage lenders offer. Whether you’re buying a new home or refinancing, the key to speed isn’t just our reliable technology, but a home loan process that puts Underwriting first; it’s become our secret sauce to fast home loan closes!

Putting Underwriting First

Most lenders will complete the Underwriting stage midway through the loan process, however, at Warp Speed Mortgage, your loan application goes to Underwriting first. When your application is submitted, the Underwriting team will review the information that you provided, evaluate whether you meet the qualifications for your loan program, and issue any conditions, or additional documents that may be needed to approve your loan. We call this stage the Initial Underwriting milestone and this is only the first time in the loan process that your application will meet the Underwriting team.

It’s not common for a mortgage company to get their Underwriting Team involved so early in the process, but we’ve found by allowing Underwriting to assess your application early on, it makes the entire process faster.

Once your application moves out of the Initial Underwriting milestone, it will move to the Processing milestone, where your Client Manager will work with you to satisfy the conditions outlined by the Underwriting team. They will also order your appraisal and title work to be completed. Once the conditions are satisfied, your loan application will be passed back to Underwriting to complete the Final Underwriting milestone.

Final Underwriting

Now that the Underwriting team has your application back in their hands, they’ll do a final review of the application and the additional documentation that you and your Client Manager worked together to gather. This is also typically the milestone where your appraisal and title are reviewed. If everything looks good, they’ll approve all your conditions and move your application to the next milestone, Doc Prep. If there are any new conditions to report, the Underwriting team will inform your Client Manager.

Sending your home loan application through Underwriting twice can seem redundant, but we have found that it actually helps to speed up the loan process by identifying sticking points early on in the process. As conditions are brought forward by the Underwriting team, your Client Manager will work with you to gather all the documentation needed to get your application approved and your loan funded. If you’re ready to dive into our unique loan process at Warp Speed Mortgage, get started now!

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