Approved by automated underwriting but ???

crunching_numbers · ‎02-15-2012

OK, I have not done this in a while. We are hoping to refinance to cut 1% off of our rate and cash out to pay off bills. If the mortgage broker tells you you were approved by automated underwriting, what are the things that could cause a problem? I take it the automated system runs with your credit information, income, etc???

Right now I think our real hurdle is going to the appraisal. But, I don't really understand what role automated underwriting will play. How does this whole process work nowadays?

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 771 TU98 , 826 TU08 FICO, 752 EQ FICO , 735 EX(9/12), 794 EX08 FICO
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (20.7K), BofA Travel Rewards ($17.5), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (15K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Disc It ($8K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Wally D ($7.5K), JCP($5.3K)

wanttomove · ‎03-25-2011

Usually you are run through automated underwriting when you are preapproved. Your LO runs the info you have provided him through their system to see if you can move forward. In MOST cases if your paperwork matches what you have initially told your LO when getting preapproved and your scores are there you should be okay.

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Approved by automated underwriting but ???

Re: Approved by automated underwriting but ???