Which term refers to the process of qualifying a mortgage applicant and the property?

Mortgage underwriting is the process by which a lender evaluates both the mortgage applicant and the property to determine the risk involved in issuing a loan. This step is critical in the lending process as it assesses the applicant's creditworthiness, income, debt levels, and other financial factors to ensure they can repay the loan. Simultaneously, the property is evaluated to confirm its value and ensure it meets the lender's requirements for collateral.

In contrast, loan processing focuses on gathering and organizing all necessary information and documentation from the applicant needed for the underwriting process, while credit analysis specifically deals with the assessment of the applicant's credit history and score. Appraisal review involves examining the appraisal report prepared by a licensed appraiser to ensure that it conforms to industry standards and accurately reflects the property's market value but does not include the broader assessment of the applicant's qualifications.