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Article: Who's top provider of automated underwriting? (more mortgage lenders favor Freddie Mac's system than Fannie Mae's)(surveys by America's Community Bankers, SSP/RES Research)
- Article from:
- ABA Banking Journal
- Article date:
- April 1, 1997
CopyrightCOPYRIGHT 1997 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Two recently released surveys substantiate what till now has been just hearsay--that Freddie Mac's automated underwriting system is more popular than Fannie Mae's. Moreover, commercial banks have a more marked preference than other mortgage lenders for Freddie's Loan Prospector, using it twice as much as Fannie's Desktop Underwriter.
The accompanying table summarizes the survey findings on automated underwriting (AU) received by America's Community Bankers and by SSP/RES Research. ACB surveyed 643 thrifts, 13.6% of which use Loan Prospector, compared with 10.6% that use Desktop Underwriter.
As part of its biennial MORTECH research, SSP/RES surveyed 650 ...