Automated Underwriting System

Also found in: Acronyms.

Automated Underwriting System

A particular computerized system for doing automated underwriting.

Mortgage insurers and some large lenders have developed such systems, but the most widely used are Fannie Mae's “Desktop Underwriter” and Freddie Mac's “Loan Prospector.”

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
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For its part, Fannie Mae acknowledged the problem in its most recent quarterly securities filing and said it plans to revise its automated underwriting system's treatment of high DTI loan applications that carry multiple layers of risk.
This first phase of what will be a comprehensive web-based automated underwriting system specifically for small balance commercial lending includes the Prequal Loan Quote function coupled with a real-time pricing engine.
Lenders prefer to underwrite all of their business with one automated underwriting system that they can manage.
* IMT InsRrance Co.'s U-Assist is an automated underwriting system that enables agents to quote and issue new automobile policies as well as changes to existing automobile policies.
Michelle Millwood, underwriting manager at SPFC, explained, "As long as a borrower receives an automatic approval through the FHA's automated underwriting system, there's no FICO score requirement." Millwood was among the team that developed the new product guidelines.
ACI's universal appraisal delivery system incorporates automated rules, custom forms, secure digital signatures, and an XML exchange toolkit to bridge any loan origination or automated underwriting system.
Whether underwriters are using an automated underwriting system or doing manual underwriting "makes a big difference, because sometimes something doesn't make sense on paper but when you get the story, it does [make sense]," says Sharmen Lane, director of education and a senior underwriting instructor at Loan Officer School, New York.
Additionally, the department is-able to provide fast turnaround on mortgage applications through its automated underwriting system, which bases loan decisions solely on financial and credit histories entered into the computer.
VCCU also utilizes LendingQB's automated underwriting system (AUS) to decision loans, complete with customized investor guidelines and overlays.

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