WHO USES AUTOMATED UNDERWRITING SYSTEMS

WHO USES AUTOMATED UNDERWRITING SYSTEMS?

Every lender and mortgage broker now uses an AUS. Fannie Mae and Freddie Mac (see Chapter 7) both developed their own AUS to help speed up the home-buying process. These programs tell you exactly what you need to do to get into a home. No more documenting this and tracking down that and waiting for that magic phone call. Your approval is issued first, not last. You only need to supply what the program asked for. Government-backed mortgage loans such as VA, FHA, and USDA loans are also submitted electronically for an AUS decision.

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