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As the process can happen in as little as two to three days, the process usually takes more than a week but could take up to several weeks.

An underwriter will approve or reject your mortgage loan application based on your credit history, employment history, assets, debts and other factors. It's all about whether that underwriter feels you can repay the loan that you want. During this stage of the loan process, a lot of common problems can crop up.

Underwriting standards are guidelines set by banks and lending institutions for determining whether a borrower is worthy of credit (i.e. a loan). Underwriting standards help set how much debt should be issued, terms, and interest rates. These standards help protect banks against excessive risk and losses.

Underwriting is the mortgage lender's process of assessing the risk of lending money to you. ... An underwriter then verifies your identification, checks your credit history and assesses your financial situation including your income, cash reserves, equity investment, financial assets and other risk factors.

There are no educational requirements to become a mortgage loan underwriter, but many financial institutions prefer candidates with a bachelor's degree in business administration, finance, or a related field.

Credit reputation, capacity and collateral are often called the "three Cs" of underwriting.

As the process can happen in as little as two to three days, the process usually takes more than a week but could take up to several weeks.

When trying to determine whether you have the means to pay off the loan, the underwriter will review your employment, income, debt and assets. They'll look at your savings, checking, 401k and IRA accounts, tax returns and other records of income, as well as your debt-to-income ratio.