@Anonymous wrote:
yes, I’m thinking of Chase specifically. I guess I’m not versed enough in their manual review process. I have always just understood it as an ID verification and fraud prevention but from your experience and thoughts it seems like the underwriter actually makes a yay or nay decision.
On some applications, yes. Again, even in those instances, algorithm makes a recommendation, but human has to sign off on it
It depends on why it got flagged. It can be something relatively benign, such as thin file or short age, but everything else checks out. Or it could be previous unsatisfactory relationship, but otherwise a profile that would get an approval without that.
It's a fail safe that right profiles dont get denied, and "wrong" dont get in
More and more lenders are shying away from humans making decisions. It's just how it's going to be. In most cases, I'd rather take my chances with a computer than temperamental, hungry, cranky, and jaded UW
Disclaimer, I'd be all those things if I had to listen to people whine all day long
