Loans approved via automated underwriting still need to be reviewed by an underwriter to check for data accuracy. As long as the income, assets, appraisal value and quality of appraisal, and debts match the information submitted electronically you will most likely be approved.

Getting a mortgage pre-approved through fannie mae desktop origination is another form of Mortgage Underwriting and is considered a bonafied mortgage pre-approval. A mortgage pre-approval is the same as an approval in the sense that both involve a check of your finances and your credit.

Underwriting is the last step to complete before the loan goes to closing. In underwriting the underwriters will look at all the information provided by the loan originator and make a decision based off that information. Underwriter's may also ask for additional information in order to make a accurate decision.

Underwriting can be accomplished using automated systems for loans which meet certain government and/or investor guidelines. Automated Underwriting is typically substantially faster than manual underwriting, with results in as little as 24 to 48 hours possible.

An automated underwriting has several advantages. Not only is it typically quicker, because data is confirmed/verified instead of manually evaluated, but it also more consistent and provides a written decision based on structured guidelines.

Underwriting is the process that the lender uses to analyze the credit of the borrower prior to providing the loan.