Underwriting Requirements

Underwriting Requirements

The standards imposed by lenders in determining whether a borrower can be approved for a loan.

These standards are more comprehensive than qualification requirements in that they include an evaluation of the borrower's creditworthiness.

References in periodicals archive ?
The court ruled, "11 NYCRR Part 67 is captioned 'Mandatory Underwriting Requirements for Private Passenger Automobiles.' 11 NYCRR 67.1(c) defines 'Automobile physical damage insurance' to include 'comprehensive' and 'theft.'
This will cause insurance companies to increase issue ages, refine underwriting requirements and offer riders specific to the needs of the elderly.
The trend is for increased incidence of cardiovascular disease and some cancers that additional underwriting requirements such as a chest x-ray of an attending physician's statement might have found, she said.
"This version of the bill does move away from the 'one size fits all' approach to risk retention by recognizing that certain underwriting requirements, loan types and business models are inherently low-risk, and we also are pleased that the bill is cognizant of the impact of onerous risk-retention requirements on the availability and cost of credit," said Story.
And even so, I had to invest hundreds of thousands of dollars to upgrade technology and hire new underwriters to accommodate insurance companies' increased underwriting requirements of my agency last year.
These are the most costly and second slowest of all underwriting requirements. Further, the primary abnormalities that underwriters hone in on with stress ECGs focus on stable (not vulnerable) coronary disease--a significant disadvantage because vulnerable plaque is what leads to most of the shorter duration claims.
Traditionally, protective-value studies have considered only the mortality savings that potentially can be identified through various underwriting requirements and ignored the potential cost of losing good business.
Buyers opted instead for adjustable rate mortgages to meet underwriting requirements. However, toward the end of 1994, resale volume and inventories of unsold new homes both showed signs of slowdown, and mortgage origination, down 23 percent over last year, stalled badly, indicating an imminent slowdown in single family construction starts.
Louis, a provider of verified income information, including employer-provided verification of employment (VOE) and verification of income (VOI), has released Reverify, a solution that automates loan or mortgage pre-closing verification of employment, enabling lenders to remain in compliance with today's tightened underwriting requirements.
Aside from prohibiting the requirement of storm shutters, Blumenthal said that the legislation calls for insurers to notify existing policyholders when the company applies to the Insurance Department for approval of new underwriting requirements that could cost homeowners more than $1,000.
The contract loads and cost of insurance charges, not to mention underwriting requirements, have been the death knell to sales of life insurance policies for income planning purposes.
Mortgage guaranty insurers are regulated by state insurance departments and, indirectly, by the government-sponsored enterprises through underwriting requirements and their dominance in the residential mortgage financing market, Davis said.