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 ?
CSC a global leader in next-generation IT services and solutions, today announced that nbAccelerator, its new business and automated underwriting system, has been named the winner of an XCelent Customer Base award in Celents recently published North American New Business and Underwriting Systems 2016, Life, Annuity, and Health ABCD Vendor View.
Global Banking News-May 24, 2012--Amica implements automated underwriting solution(C)2012 ENPublishing - http://www.
Calyx Software, San Jose, California, a provider of mortgage solutions for banks, credit unions, mortgage bankers and brokers, and Loan-Score Decisioning Systems, Irvine, California, an enterprise-class pricing and automated underwriting provider, have integrated their respective loan origination system (LOS) and automated underwriting system (AUS) to offer users access to automated pricing and underwriting for each investor as well as FHA eligibility decisions.
In the automated underwriting market for life insurance, reinsurers lead the way in developing decision logic, but big IT vendors may be fast followers if interest in straight-through processing continues to grow.
Automated underwriting, which has been a staple of risk management ever since the insurance industry adopted the mainframe more than 50 years ago, will surely remain for the next 50 and beyond.
has taken a lesson from the personal lines and is using automated underwriting for commercial business.
Lenders across America continue to implement automated underwriting technology at an unprecedented pace.
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.
2 data file or manually enter a 1003, pull or re-pull credit and return an instant automated underwriting decision.
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, 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.

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