Approved by automated underwriti
ng but ???
09-29-2012 12:37 PM
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), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
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