Electronic Underwriting Credit Report

In general the mortgage industry uses electronic underwriting systems that predict multiple risk factors in a loan application. I would say approximatley 98% of mortgage companies use some form of automated underwriting with about 60% using either Fannie Mae`s desktop underwriter or Freddie Mac`s loan prospector. Fannie Mae offers its lenders electronic loan processing with its desktop underwrtier system. Individual users recieve an analysis of the borrower`s credit , and estimate of the property`s value along with an opinion of the risk involved. This information is prepared from the data submitted on the loan application and is available in a matter of minutes. there is no 24-72 hour turnaround time required as is standard with human underwriters. The use of a common underwriting standard simplifies the electronic mortgage application process and reduces it cost. Cost effectiveness is key for any business owner.  3 comments on ActiveRain...

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Eddy Martinez
Nationwide Funding Group
Highland Park, CA

Office Phone: (888) 702-2225 Ext.: 115
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