1. Automated Underwriting System Approval: AUS Findings
* The automated underwriting system approval is one of the major changes that have developed in recent years in the mortgage industry.
- The automated underwriting system is the use and utilization of computers to underwrite mortgage loans.
- The automated underwriting system approval, also known as AUS, have made mortgage approvals automated and faster and can grant mortgage approvals in a matter of minutes.
2. Fannie Mae And Freddie Mac
* The Federal National Mortgage Association, also known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, also known as Freddie Mac, are the two largest mortgage investors in the nation.
- Each of these giant mortgage investors have created and developed its own automated underwriting systems approval for evaluating home mortgage loans.
- Fannie Mae has developed the DU, which is known as the Desktop Underwriter.
- Freddie Mac’s version of their automated underwriting system is known as the LP, the Loan Prospector.
- These two systems is equivalent to a brain and has the ability to determine and analyze each mortgage applicant’s risk factor.
- Evaluation of risk assessment by AUS is done by evaluating the inputted data and the applicant’s credit scores and credit history.
- The automated underwriting system approval determines whether an applicant is approved or not by issuing a AUS Findings Report.
- The report states whether the applicant is approved eligible or not.
- If approved eligible, the Findings Report will indicate what documents is required to verify the application data.
3. No Lender Overlay Mortgage Lenders
* Mortgage loan applicants who have been initially been approved by an automated underwriting system approval and can provide the documents to verify the information on mortgage application, the chances are great that your mortgage loan will close. Gustan Cho Associates only goes by Automated Underwriting System Findings and has zero overlays.
Mortgage Borrowers who are looking to get qualified with a lender with no lender overlays, please contact us at 1-800-900-8569 or email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.
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