Automated Underwriting

The process for applying for a loan or mortgage can sometimes be long and complicated, but thanks to automatic underwriting, many potential buyers will know right away if his or her application is approved or whether it will go on to an underwriter. Automatic underwriting is basically a computer program that operates based on information the applicant provides about credit history and other pieces of personal information.

After you receive a mortgage or loan for your house, you may find yourself unable to make payments. If you or a loved one are considering refinancing your mortgage or have any questions about mortgages, we may be able to help. The Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., are here to help you every step of the way. Contact us today at 443-546-4608 to schedule your consultation.

How Does Automated Underwriting Work?

There are a few computer systems used specifically for underwriting. The most commonly used ones are “Desktop Underwriter” by Fannie Mae and “Loan Prospector” from Freddie Mac. These automatic underwriters can help decrease operating costs and give lenders’ options and decisions faster than ever. Mortgage companies use these systems to:

• Determine whether or not the loan can exist in the secondary market
• Evaluate the potential buyer’s credit history, as well as his or her collateral and whether he or she can make the monthly payment on time
• Decide on the best loan for the borrower

However, even if an automated underwriting system helps to develop a loan for you, you may discover that the mortgage is too much for you to handle. In these cases, you may be able to seek a mortgage modification.

Contact Us

Falling behind on mortgage payments can be very stressful on a family’s financial situation. Let us help you during this difficult time in your life. Contact the Maryland modification attorneys of Chaifetz & Coyle, P.C., today at 443-546-4608 to discuss your legal options.