Automated underwriting
Definition
A computer-driven process for informing the loan applicant very quickly, sometimes within a few minutes, whether the applicant will be approved, or whether the application will be forwarded to an underwriter. The quick decision is based on information provided by the applicant, which is subject to later verification, and other information retrieved electronically including information about the borrower's credit history and the subject property.
Related Terms Other terms related to 'Automated underwriting' starting with the letter 'A' Approval, Acceleration clause, Accrued interest, Application fee, Assumable mortgage Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 