Automated Underwriting

Automated Underwriting

A process in which a computer program reviews relevant information in a loan application and makes a decision based on the method built into it. For example, automated underwriting may make a decision automatically based on the applicant's credit history, income, and the amount asked. Difficult decisions may be referred to human underwriters. Automated underwriting is believed to be more efficient and less biased than human underwriting. It is used especially for mortgages.

Automated Underwriting

A computer-driven process for informing the loan applicant very quickly, sometimes within a few minutes, whether the application will be approved, denied, or forwarded to an underwriter.

The quick decision is based on information provided by the applicant that is subject to later verification and other information obtained electronically, including information about the borrower's credit history and the subject property.

References in periodicals archive ?
This innovative arrangement allows lenders to purchase and implement comprehensive automated underwriting capabilities easily and quickly.
Lending solutions are provided for point-of-sale origination, processing, closing, automated underwriting, decisioning, and business process management, as well as processing, settlement and document generation services.
Loan-Score Decisioning Systems, Irvine, California, an enterprise-class pricing and automated underwriting solutions provider, announced that Bay Equity, San Francisco, a growing wholesale and retail mortgage banker, has gone live with Loan-Score's integrated decisioning solution and customer-facing Web portals to ensure pricing and underwriting accuracy, quality control and superior customer service.
Austin, Texas-based Firm Honored for First Automated Underwriting in Nonprime Sector
Simplified application submission, coupled with effective data gathering of just the right amount of specific client information, fed into an automated underwriting process improves clean case service as well as provides a reduction in the trait cost of processing and issuing a policy.
Nasdaq:FISV), announced today that its easyLENDER([R]) and UniFi([R]) PRO Loan Origination Software is now certified for automated underwriting systems by the Mortgage Industry Standards Maintenance Organization (MISMO).
Loan-Score Decisioning Systems LLC, Irvine, California, announced it has established a "seamless integration" with Fannie Mae's Desktop Underwriter[R] (DU) from its automated underwriting platform.
announced the addition of an Automated Underwriting module to ARTA Lending, one of the company's 32-bit Windows(R)-based lending documentation solutions for financial institutions.
ESP is a three-part strategy involving automated underwriting, contact center-based client service and a Web-based new-business entry module.
The company's latest product offerings connect the retail, wholesale, and correspondent lending community through the use of advanced customer portals, automated underwriting, pricing and third party risk and approval tools.
The solution centralizes Pinnacle Financial's product eligibility, pricing and automated underwriting into one rules engine, and enables straight-through processing (STP) of loans for each of its lending channels in 40 locations, according to Erik Rowan, chief information officer at Pinnacle Financial.
Automated underwriting is essential to enable a free-flowing process from customer to risk taker in the insurance transaction.

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