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Article: Automated underwriting goes mainstream
- Article from:
- America's Community Banker
- Article date:
- April 1, 1998
- Author:
CopyrightCopyright America's Community Bankers Apr 1998. Provided by ProQuest LLC. (Hide copyright information)
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By now it's nothing new. A borrower walks into a lender's office, submits loan application along with some general data, and soon, through the technological innovation known as automated underwriting, is able to walk out with an approval or a rejection.
Automated underwriting has, indeed, gone mainstream in the past few years. Now, as more lenders of varying sizes are using the systems, the most recent trend is toward taking the underwriting process from the back office to the point of sale, with many more originators and processors literally taking the application process to the consumer via laptop computers.
The status of automated underwriting is still driven by the secondary market, ...