The Underwriter will review and analyze the processed loan package and either approve, deny, or suspend your application for a loan. Our approval ratio exceeds 90% of applications that go to underwriting.
In reaching a decision on your application the underwriter will take into consideration the ratio of house payment and total debt payment to income, your credit history, your savings patterns, the property appraisal or ratio of loan amount to property value and any compensating factors that exist.
The Underwriting process usually takes less than two days to complete. If you are seeking pre-approval prior to purchasing, underwriting can occur before an appraisal is performed in which case your approval is subject only to a acceptable property appraisal once you have chosen the home. Pre-approval can usually be performed within two days of completed application.
In the current environment most credit decisions are still reached by live underwriters. However, systems in process to be released soon by American Finance will use artificial intelligence technology and sophisticated statistical property value analysis to automate this process. Soon it will be possible to have your loan approved within minutes by phone, or online.
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