Valued Contributor
crunching_numbers
Posts: 1,092
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?  


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