Final Lender Approval
In the beginning, a Buyer may talk with a lender, submit information and even apply for the loan. The Buyer may obtain an approval letter for the amount qualified based on only the information obtained at the time of the loan application. If anything changes during the loan process, such as taking on a new new debt for something even as small as a big screen TV, can change the information shown at the time of the application. The loan could be denied when it comes time to submit all the information to the underwriters. Underwriters are the persons who review and issue final loan approval.
Loans submitted to underwriting for final approval generally don’t happen until about a week or even a few days before a home is scheduled to close.