The automated system evaluates different pieces of information and gives the lender a recommendation about whether or not the loan meets the approval criteria. The lender considers the recommendation and other information to make a final decision. It s important to know that the lender, not the computer, makes the decision. Speed is one reason. The review and approval is much faster.
Objectivity is another advantage of automated underwriting.
Your ability to manage credit is an important factor in determining if you will repay your mortgage loan. Before you apply for a mortgage loan, you should obtain a copy of your credit report to make sure it is complete and accurate. A credit score might more accurately be called a credit bureau score. Credit bureau s developed the score as a numerical measurement of an applicant s ability to manage credit. Your credit score does not consider factors such as age, race, religion, gender, national origin, marital status, your income, employment or where you live.