To understand what an Automated Underwriting System or AUS is you first need to understand what underwriting is. Underwriting is the process of verifying information about your employment, income, assets, debts and credit history to determine if you can afford to pay back a mortgage loan that you’re applying for. Automated mortgage underwriting is the process where advanced artificial intelligence (AI) technology electronically undertakes the decision making process for granting mortgage loans by analyzing one’s credit report. The size of the mortgage compared to the property’s value is also analzyed by the underwriter. The two main AUS’s are Fannie Mae‘s Desktop Underwriter and Freddie Mac‘s Loan Product Advisor. However, automated underwriting systems are used for FHA, VA and USDA as well. They are sometimes used for Jumbo products however these are still mostly manually underwritten. I’m Stewart Brown, a licensed Mortgage Loan Originator in Palm Springs, California here to simply topics in Real Estate and Mortgage Lending. Please, like, share, follow and subscribe!
