Automated Underwriting – LP vs DU

The auto industry has done it with self parking cars.  The vacuum industry has done it with automated vacuums.  Automation is now a part of the mortgage industry as well! Mortgage lending depends on "automated underwriting".   Automated underwriting involves a computerized analysis for each loan application.  2 primary automated underwriting systems currently exist in mortgage lending.  They are: Desktop Underwriting ("DU") Loan Prospector ("LP") Desktop Underwriter is governed by … [Read more...]

One Day Home Loan Approval

When you think of an Arizona mortgage underwriter you typically think of a warm kind soul right?  Ah, who am I kidding.   Most Phoenix home buyers envision a heartless bitter person sitting behind a desk possibly wearing a horned headdress.  While that may be a bit exaggerated, it is true that underwriters are paid to be objective and a bit too black and white to be considered human.  That fact is what makes this story that much more amazing! One of my very dear clients who is under contract … [Read more...]