Electronic Underwriting Credit Report

By
Mortgage and Lending 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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Rainmaker
297,677
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Eddy,

good info

 

Nov 24, 2006 03:03 AM #1
Rainmaker
608,153
Sharon Simms
Coastal Properties Group International - Saint Petersburg, FL
St. Pete FL - CRS CIPS CLHMS RSPS
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.
Nov 24, 2006 05:05 AM #2
Ambassador
554,312
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL
Is there an actual human behind an underwriter? LOL...TLW...ROAR!
Nov 24, 2006 07:49 AM #3
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Rainer
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Eddy Martinez

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