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.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: