Underwriting guidelines

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Austinhomeworld

Group Member

Oct 28, 2009 2:16:59 PM

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Regarding the verbage in paragraph 4 of the Texas Real Estate Contract:

1) Is it common practice in the lending industry for an unlicensed loan originator to send a rejection letter on a property stating "the property does not meet underwriting guidelines" when a loan file, or appraisal has not been underwritten or viewed by an underwriter?

2) If a property has been approved by an underwriter and the buyer is rejected for the loan, the the buyer moves a the loan originator rejects the property after all contingencies have expired

Who calls the shots regarding underwriting guidelines loan originators or underwriters?

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