Electronic Underwriting Credit Report

By
Real Estate Mortgage Broker with Nationwide Funding Group
In general the mortgage industry uses electronic underwriting systems that predict multiple risk factors in a loan application. I would say approximatley 98% of mortgage companies use some form of automated underwriting with about 60% using either Fannie Mae`s desktop underwriter or Freddie Mac`s loan prospector. Fannie Mae offers its lenders electronic loan processing with its desktop underwrtier system. Individual users recieve an analysis of the borrower`s credit , and estimate of the property`s value along with an opinion of the risk involved. This information is prepared from the data submitted on the loan application and is available in a matter of minutes. there is no 24-72 hour turnaround time required as is standard with human underwriters. The use of a common underwriting standard simplifies the electronic mortgage application process and reduces it cost. Cost effectiveness is key for any business owner. 
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Location:
California Los Angeles County Bixby Knolls
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electronic

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Ambassador
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Ray Saenz
Homes for Sale in Aurora, Colorado - Aurora, CO
United Property Brokers, Inc

Eddy,

good info

 

November 24, 2006 03:03 AM
Rainmaker
605,159
Sharon Simms
St. Pete FL - CRS CIPS CLHMS RSPS
Coastal Properties Group International
It is really time consuming to buy a house (in most cases). After the speedy electronic underwriting, why does it take weeks to get it closed? I've had cash sales close in less than a week, but not closings with mortgages.
November 24, 2006 05:05 AM
Ambassador
550,981
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc.
Is there an actual human behind an underwriter? LOL...TLW...ROAR!
November 24, 2006 07:49 AM
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Rainer
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Eddy Martinez

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