Could you give an estimate on the percentage of loans that are denied once they are sent to an underwriter? And what are the leading reasons why they are denied.

M.

Chattanooga
Tennessee

Answer:

I don't think there's a universal answer for that question. A loan should not be declined in underwriting. If a loan is declined in underwriting, then the loan officer didn't do his/her job. A qualified and experienced loan officer will know what will be approved and what will not. He/she will know the loan programs and guidelines and would not send a loan to processing/underwriting that has a chance of being declined.

Now sometimes mistakes are made and even the best loan officer might miss something, but that would be the exception and not the rule.

Rick Lanicek
PrimeLending, A PlainsCapital Company
17950 Preston Rd Ste 50
Dallas, TX 75252-5759
(972) 705-9721
(800) 256-0817 Ext 202
Mobile (214) 552-6125
eFax (972) 692-7260