Who has the authority to review a loan package and make the final decision on its approval?

The underwriter has the authority to review a loan package and make the final decision on its approval. This role is critical in the mortgage process because the underwriter assesses the risk associated with lending money to the borrower based on various factors, including credit history, income, assets, and the property’s value.

The underwriter's job is to ensure that the loan meets the lender’s guidelines and regulatory requirements. They analyze documentation provided in the loan application and verify its accuracy, considering how these details impact the borrower’s capacity to repay the loan. The underwriter must decide whether to approve, deny, or request further information on the loan package.

In contrast, the loan officer primarily acts as the intermediary between the borrower and the financial institution, helping borrowers understand their options and complete the application process. The mortgage broker facilitates the process by connecting borrowers with lenders but does not make final loan decisions. Meanwhile, the appraiser evaluates the property’s market value, providing important data for the underwriting decision but does not participate in the approval process itself.