Until recently, this was done manually by reviewing each piece of information separately. Today, many lenders use automated underwriting, a computer based process that evaluates the information easily, objectively and within minutes. The lender then views the electronic recommendations along with other information gathered to create a full picture of your loan application and makes a final decision about your ability and willingness to repay your loan. Credit ratings and automated underwriting are widely used today because they speed up the mortgage approval process for consumers. What's more, by using credit ratings, mortgage lenders treat each person objectively because the same standards apply to everyone.
Credit ratings assess each factor equally for every consumer, every time.
Credit ratings do not include race, religion, national origin, or marital status as factors. Thus, credit ratings are blind to demographic or cultural differences among people. For more information, check out our A Credit and B,C and D Credit pages. Email 1.800.844.1015 Copyright East West Mortgage Company, All Rights Reserved.