Credit reports are available almost instantly from various credit bureaus and can be printed out for the customer's review. Within a few days, the customers will know if they qualify for the mortgage amount they need. Without laptop technology, this process may take weeks. Automated Underwriting Traditionally, home loan underwriting has taken three weeks to a month-sometimes more. Unlike laptop technology, which is fast becoming commonplace, automated underwriting is still quite new.
Lenders are able to access automated underwriting systems through their laptop computers.
These systems include a credit scoring component which requires less data and reduces application time. The whole process, from application to credit decision, could take under half an hour. Fannie Mae's vice chairman Frank Raines says that in addition to fast decisions, automated underwriting will reduce costs to borrowers and lenders. Appraisal A one time-consuming step in the mortgage approval process is the property appraisal. In this area, two technologies are coming together to result in appraisals that take only minutes.