Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
Approved by automated underwriting but ???

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: FICO 8 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
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Regular Contributor
Posts: 181
Registered: ‎03-25-2011
Re: Approved by automated underwriting but ???
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.