Qualifying the New Way: Understanding Automated Underwriting Systems
UNDERWRITERS ARE individuals who are highly regarded in the mortgage business, and those underwriters who have been in the business for a long time have earned their way to the top and can make a very good income. Some underwriters even obtain a special status that authorizes them to underwrite certain types of loans that other underwriters aren’t qualified to fully approve.
There are several factors that a loan application must pass muster on before an approval is issued but they fall into two basic categories: property and borrowers. We will discuss these, before ...