Question:

Why should you choose an automated underwriting system, if you are a loan provider?

Answer:

Automated underwriting systems have replaced at large manual loan underwriting for the last several years. Computerization of the loan underwriting allows brokers, lenders and underwriters to more precisely and quicker underwrite a loan, require reduced documentation and be more objective about the approval of the borrower given data was entered correctly.

The time frame from application to loan approval is minimized compared to what it used to be before - several minutes at the most. The bunch of tax forms, W2 statements required previously by customer are now reduced to the single last paycheck

Automated underwriting reduces costs relevant to loan processing to both borrowers and loan officers. It helps achieve better level of approval for customers who would normally be refused a conforming loan - especially those with good credit but low funds for down payment. Using an automated underwriting system proves you are offering modern and reliable services with very competitive costs.

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