Automated Underwriting
Definition of "Automated Underwriting"
A computer-driven process for informing the loan applicant very quickly, sometimes within a few minutes, whether the application will be approved, denied, or forwarded to an underwriter. The quick decision is based on information provided by the applicant that is subject to later verification and other information obtained electronically, including information about the borrower's credit history and the subject property.
Popular Mortgage Terms
A plan purporting to protect FHA homebuyers against property defects. ...
Mortgages delivered using the Internet as a major part of the communication process between the borrower and the lender. ...
Deceptive practices used by mortgage loan providers and other participants in the mortgage process. Scams by Loan Providers: Lenders and mortgage brokers may employ a number of tricks ...
The maximum allowable ratio of loan-to- value (LTV) on any loan program. Generally, these are set by mortgage insurers or by lenders and can range up to 100%, although some programs will ...
A document that evidences a debt and a promise to repay. A mortgage loan transaction always includes a note evidencing the debt, and a mortgage evidencing the lien on the property. ...
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
A mortgage Web site designed to provide leads to lenders. A 'lead' is a packet of information about a consumer in the market for a loan. Lenders pay for leads, and these sites are an ...
The month in which a zero loan balance is reached. The payoff month may or may not be the loan term. ...
A lender that holds the loans it originates in its portfolio rather than selling them. ...
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