How Do Automated Underwriting System Work

Title:

Description:

1. How Do Automated Underwriting System Work In Mortgage Process

* Majority of lenders require borrowers get an approve eligible per automated underwriting system before they are willing to proceed with the mortgage loan application and approval process.

* The automated underwriting system is an extremely sophisticated system that will analyze the mortgage applicants:

- income
- credit
- credit history
- credit scores
- derogatory
- public records
- assets
- liabilities payment history 
- after bankruptcy and/or foreclosure

2. Freddie Mac Versus Fannie Mae

* Many times when I get a denial from Fannie Mae’s DU automated underwriting system, I take it to Freddie Mac’s Automated Underwriting System (AUS) and get my automated approval this way.

- Rental verification is a huge issue
- I recently got a DU approval but asked for rental verification
- My client paid their rental payments with cash so the approval was not valid
- I submitted the same file to Freddie Mac’s LP automated underwriting system and I got an approve eligible and no rental verification was required

Borrowers who need to qualify for mortgage with a direct lender with no mortgage overlays can contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.

* bank statement

***** follow me *****

Read more https://gustancho.com/automated-underwriting-system

YouTube url:	https://youtu.be/KeWJ7wGo8XQ
Created:	9. 1. 2021 01:22:00

CaptionsMaker.com

How Do Automated Underwriting System Work