Our In-House Home Loan Approval Process

What is Underwriting?

The process of underwriting is meant to assess your ability to repay the loan. The person who does the assessment is called an underwriter (or credit analyst in DNJ’s terminology).

The application, your credit report and the supporting documents you provide are examined to compute your income, your combined debts and to review your past history of borrowing. These are the three things credit analysts are most concerned with during the mortgage underwriting process.

An appraisal is done to determine the value of the home. A licensed, professional appraiser inspects the home both inside and out. Appraisals are done to ensure that the property serves as sufficient collateral. See more about appraisal here.

After completing the review, the underwriter issues a conditional approval or a credit denial.

How DNJ’s In-House Underwriting & Loan Approval Process Benefits You

The credit analyst bases his or her decisions most often on the guidelines that come from the FHA, VA, Fannie Mae or Freddie Mac. There is both an art and a science to the interpretation of these guidelines. Many rules are hard and fast — others are open to a bit of interpretation. In the last few years the amount of leeway has greatly decreased and the number of rules and rule changes have greatly increased.

In many big banks and some small ones there are multiple layers of administration to the underwriting process. A loan may be shipped off across the country to be approved by someone who has never been to your area. Once there, the loan could require three or four additional signatures before final approval.

At DNJ Gateway Mortgage the approval process on almost all of our loans starts and ends in our Raleigh mortgage office. Credit analysts are given the authority to make a decision without delay. Our staff of mortgage industry veterans are up to date on the latest changes in the home loan market.

The Security of Working With a Strong Bank

Our parent company, Hampton Roads Bankshares, Inc., is a banking franchise with $3.0 billion in assets and one of the largest banks in the Mid-Atlantic region of the United States. Hampton Roads Bankshares operates over 50 offices in three states: Maryland, North Carolina and Virginia. DNJ also makes mortgage loans in South Carolina, Georgia and Florida. We are just the right size for many customers – a regional community bank for the 21st century, offering the products and services people need and the personal service they deserve. We invite you to consider banking with us.