Who is responsible for reviewing the loan package and making the final approval decision?

The loan underwriter is responsible for reviewing the loan package and making the final approval decision. This role involves assessing the borrower's creditworthiness, analyzing financial documents, verifying income, and determining the risk of lending to the applicant. The underwriter evaluates whether the application meets the lender's guidelines and policies, ultimately deciding whether to approve or deny the loan.

While the loan officer initiates the process by gathering necessary information and helping the borrower complete the application, and the loan processor prepares and organizes the documentation for review, it is the underwriter who makes the critical decision regarding approval. The closing agent, on the other hand, is involved in the final steps of the transaction, ensuring that all paperwork is completed and that the terms of the loan are met during the closing of the sale, but does not make decisions regarding loan approvals.