Another view is that the underwriter impliedly undertakes to repay sums which the law may require the assured to pay towards averting losses which would, by the contract, fall upon the underwriter.
And yet in an ordinary policy of insurance there is no express provision requiring the underwriter to indemnify the assured against this liability.
The explanation seems to be that the practice of the underwriter to pay the contribution has been so uniform, and his liability has been so fully recognized, that express provisions were needless.
If the loan meets the requirements of the FHA mortgage insurance program, the FHA underwriter can approve the loan for the lender and certify the loan as qualified for FHA insurance.
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The underwriter will see all newly submitted bordereau 's.
A material fact is one that would have an effect on the mind of a prudent underwriter.
Under an Open Cover operated by Aon in 1999, the subscribers agreed to be bound by the risks accepted by the leading underwriter.
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It might well be implied that payments compulsorily required from the assured by law for contributions to G.A., or as salvage for services by salvors, will be undertaken or repaid by the underwriter, the service being for his benefit.
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Mortgage salespeople carry different titles: loan officer, mortgage specialist, broker, lending executive, mortgage underwriter, etc. These are all mortgage loan salespeople.
The mortgage underwriter takes a last glance at approved applications to make sure that the applicants are credit worthy and that there is no missing documentation.
Since most mortgage companies - including Fifth Third Bank - utilize computer programs to approve or deny mortgage applications, a human underwriter is utilized as a safeguard.
The underwriter will look for credit problems, like collections activity and late payments.
An FHA underwriter reviews your mortgage application against specific FHA guidelines.
Once the loan processor has verified all of the information, a package of all materials associated with the loan is forwarded on to the underwriter.
The underwriter makes the decision about whether the lender should extend the mortgage loan to the applicant.
An FHA underwriter does not work for the FHA.
It is the FHA underwriter's responsibility to be an expert on the current FHA underwriting guidelines, procedures and policies.
Once they have experience with FHA loans, they can attend advanced training as a Direct Endorsement (DE) Underwriter.
Once a DE underwriter is employed, it is the employer's responsibility to register the DE underwriter in the FHA Underwriter Registry.
The FHA underwriter is knowledgeable in using the information provided about the applicant and the property to determine if the loan falls within the underwriting guidelines and can be approved.
If you feel that the underwriter may not have had complete and accurate information, you can request a second review.
This employee, the FHA underwriter, knows the qualifications for an FHA-insured loan including the credit requirements.
The goal of the underwriter is to review the applicant's overall credit history, looking for a record of good credit management.
With an FHA loan, the underwriter will not automatically deny the loan if there is a history of credit problems.
Frequently this explanation may be enough to convince the underwriter that the past credit problems were due to circumstances at the time and that they don't reflect any poor financial management by the applicant.
Borrowers without a credit history may still be approved for an FHA mortgage if the underwriter can see a pattern of regular payments to obligations.
The underwriter may ignore any current accounts in collection if the applicant's credit history is good and if the amount owed in the accounts is not significant or the applicant will have to agree to pay the collections prior to closing.
The litmus test for any insurance underwriter is to see if the information you provide matches your driving record or other insurance policy history.
An insurance underwriter will take all of this information into consideration before they determine the amount of your insurance premium.
Dan originally worked as a commercial account executive for two insurance agencies in Washington, as well as an underwriter for United Pacific Insurance.
The underwriter's job is to consider the likelihood that an applicant will make a claim against their policy.
AM Best Underwriter Rating: Check out the Insurance Underwriters AM Best rating.
The word usage examples above have been gathered from various sources to reflect current and historial usage. They do not represent the opinions of YourDictionary.com.