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Step 9
| Summation
Step 8 - Underwriting
Once the
processor has put together a complete package with all verifications and
documentation, the file is sent to the lender. The underwriter is responsible
for determining whether the package is deemed an acceptable loan. If more
information is needed the loan is put into "suspense" and the borrower
is contacted to supply more information and/or documentation. If the loan is
acceptable as submitted, the loan is put into an "approved" status.
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