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I submitted all the requested documentation to my loan officer and she sais that I will send the file to underwriting for final approval. What the heck is underwriting and how long would that take?
In mortgage speak, "underwriting" essentially just means "making the loan decision to deny or approve". Unlike consumer loans, which are often handled from start to finish by the same person, the tasks of creating a mortgage loan are split. Most often you'll have a loan processor who takes the application, gathers the required documents, etc. Once the processor has a complete file, it's sent to an underwriter for review and either denial, approval or (as Rick mentions) the underwriter sends it back to the processor to have additional questions answered, notify you that it's approved under different terms, etc.
Most lenders turn times on underwriting files are 2 days. and then they will be another 1 to 2 days to clear conditions.
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