Buyers and sellers have agreed to terms and conditions, the buyers have done their inspections, repairs have been agreed and done by the seller, the attorney has done the title work, the appraisal has been done, everything seems going perfect to close on time...
Enter, the lender's UNDERWRITER.
During the housing boom that ended three years ago, underwriters were just an extra check, and they were not really very concerned about confirming every little detail on the loan application, the contract and the origin of the deposit money. Maybe that's one of the reasons why we are in this mess altogether!
This has changed! Today underwriters have (it seems) unlimited power to minutiously dis...