Automated Mortgage Underwriting

Loan processing that is entirely or predominantly handled via unattended computer connection. Working through dedicated terminals or an Internet site, applicants interact directly with the computer to submit and verify data. The computer orders credit and other financial records and evaluates the application against the specified criteria of the lender.
Example: Fannie Mae and Freddie Mac have developed automated mortgage underwriting for use by mortgage bankers in the loan origination process as a way of handling the large volume of loan applications generated for their consideration.