The guy at the bank doing my mortgage said it should go right through underwriting because it's in automatic underwriting..what does that mean? Should there be any major problems?
2007-03-14 14:47:11 · 2 answers · asked by woohoo 2 in Business & Finance ➔ Renting & Real Estate
Most banks use automated underwriting, which given inputs like your employment info, salary, credit report, property information, etc make an instant approval decision, and specify what items need to be verified. The loan still needs to be manually underwritten (someone needs to look at your paystubs to see that it matches up with the income on your application).
The automated underwriting decision is only as good as the inputs put into it, so if your banker knows his loan program requirements and made sure everything on the app matches the documentation you provided, there shouldn't be any surprises.
2007-03-18 13:32:16 · answer #1 · answered by SndChaser 5 · 0⤊ 0⤋
You mean automated underwriting. It's a computer program that evaluates your application, finances, credit score, etc and determines if you qualfy for the loan. It is much faster than if a human does it manually. That's all it means. As far as problems are concerned, that is a function of your finances.
2007-03-14 16:05:01 · answer #2 · answered by jhartmann21 4 · 0⤊ 0⤋