What Happens Between Home Loan Underwriting & Closing?
After mortgage underwriting. a property's title is scrutinized.
A 'clearing conditions' period ensues once a lender's underwriting department approves a mortgage application. In the clearing conditions period, lenders go over approved mortgage borrower applications for conditions that could need clearing up. In fact, mortgage lenders frequently double-check applicant employment and income information for issues or conditions once they approve a mortgage loan. While underwriter-approved mortgage borrowers' backgrounds are rechecked, the lender conducts title searches on the properties the borrowers have selected.
Mortgage lenders want to ensure they're not making what they deem to be risky loans. For example, a mortgage lender could end up holding a worthless loan unless the property can actually be legally purchased. After
a mortgage loan receives underwriting approval, the lender generally orders the borrower's hoped-for property's title to be searched for defects. Title defects include tax, judgment and other liens as well as any conditions that could prevent a property title's legal transfer.
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