automated underwriting Definition | Business Dictionaries from AllBusiness.com

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Business Definition for: automated underwriting

automated underwriting

mortgage lender's analysis of a new loan application using a computer program to collect all the information necessary to approve the loan application. In the United States,automated underwriting systems such as Fannie Mae's Desktop Underwriter® and Freddie Mac's Loan Prospector® review the loan applicant's credit history, and ability to repay the loan and determine if the price the applicant is offering to pay is supported by the property value. The main advantage these systems offer is their speed in approving loans scheduled to be sold to investors in the secondary mortgage market.

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