Automated Underwriting Systems
Lenders of different sizes and sophistication levels have different paint points, requirements and pricing tolerances. Some lenders want the control to manage a self-hosted, enterprise-class AUS that resides behind their own firewall, while other lenders prefer to utilize Loan-Score’s hosted, software-as-a-service (SaaS) model. Loan-Score’s Enterprise AUS empowers a lenders’ own staff with the tools to control changes to products, pricing and underwriting guidelines on their own. Or, Loan-Score’s Turnkey AUS offers lenders the option to benefit from an out-of-the-box AUS that relies on a trusted managed services model. Lenders can switch between models at any time.Eligibility & Pricing or True Automated Underwriting? – What You Need to Know
The term “automated underwriting (AU)” is used loosely by mortgage technology vendors making misrepresentations to lenders about system capabilities. In a sea of vendors who all seem to be singing the same tune, how is a lender to know the difference until a deal is inked and they later learn of solution limitations? It’s actually fairly simple. You need to ask some tough questions of your prospective vendor before you engage. Before purchasing an AUS, all lenders should ask the following questions to determine if a vendor actually has true automated underwriting or merely has an eligibility and pricing solution that only performs a cursory, rudimentary credit analysis. To download questions you should ask your propective vendor, click here.- To Learn More
- Loan-Score Enterprise AUS
- Loan-Score Turnkey AUS