What is automated underwriting process?
1 answersQuestion asked ( August 06, 2009 , Shopping / Finance )
My bank is supposedly technology driven. I applied for a loan and their automated underwriting process is expected to expedite my loan approval process. I’ve never heard of automated underwriting before. Has anyone heard of it? What is automated underwriting or is my bank just buying time from me?
Answers to : What is automated underwriting process...
Answer
Answered ( 3 mois, 2 semaines ago by Sanku )
Automated underwriting does exist in today’s banking era. I’m unsure if I can answer your question on whether your bank is just buying time, but I can explain to you what automated underwriting is. Automated underwriting is technology / computer generated loan underwriting process based on certain business and technology logics.
It may be weird to hear that we let a computer tell us whether a loan should be processed or not, but it pretty much follows the same logic as a manual underwriter and performs all tests including collecting your credit history, credit score etc and based on pre-determined logics / parameters helps decide on the loan.
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