automated mortgage underwriting

automated mortgage underwriting

Loan processing that is entirely or predominantly performed by computers using artificial intelligence, without human assistance or intervention. The computer has a complex set of instructions to follow depending on the data input by the consumer or by a data entry clerk,including ordering credit reports and other financial data and evaluating all borrower information against predetermined profiles for acceptable lending requirements.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
FAMUS--an acronym for First Horizon Automated Mortgage Underwriting System--is a pre-qualification tool accessible to First Horizon's wholesale broker associates 24 hours a day, providing the tools they need consistently and reliably.
Automated mortgage underwriting has streamlined the mortgage process.
While there have been a number of positive developments in housing in recent years, automated mortgage underwriting represents a quantum leap forward.
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