Mortgage Underwriting Tools that Lenders Use

Technology, oh technology – how it has turned mortgage underwriting on its head! The regular mortgage process: you get an app, request a credit report, underwrite your deal and submit it to a lender for approval… simple as that, right? Not quite. Mortgage underwriting tools have changed the game.

Look at Filogix – Mortgage Expert has made it seamless for you to take an application, request a credit report, underwrite your deal and submit to lenders – using the same platform.

Technology has made lenders that much more agile and capable of, at the click of a mouse, further vetting your applications. When a lender comes back, for example, and disagrees with the value stated in your application, what made them come to that conclusion?

The tools they use! Look at credit reports: more and more lenders now access the client’s Equifax credit report and TransUnion credit report, which sometimes can produce discrepancies in information.

Well, if you can’t beat em’, join em’. The best way to ensure that you are accessing the same information as your lenders, thus not wasting time on deals that are not going to be approved, is to get in the loop by using the same mortgage underwriting tools that lenders use!

Technology has leveled the playing field because many of the online mortgage underwriting tools that lenders use are also available to mortgage brokers. You are no longer held back because of a lack of accessible knowledge.

If your lenders are checking the TransUnion credit report, for example, on those apps you should look at the TransUnion credit report before submitting the deal to ensure that your lender doesn’t discover something you were unaware of.

If your lender is using tools like Purview For Lenders to validate property values through an automated valuation model, use the broker version of Purview to view the AVM before the deal even gets to the lender. This way you will be able to flag deals where the lender may be more likely to disagree with the value to come up with other contingencies.

You may not be able to control whether a deal fails to close because an applicant changes their mind – but there are many things that prevent your deals from closing that you can control.

Evolving with technology will make you more competitive, allow you to do a better job for your clients, and most importantly get in tune with your lenders so that a higher percentage of summited apps close.

Take advantage of everything that technology has to offer, and stop letting lenders get in control by approaching each and every deal with the most information possible. Contact Purview For Mortgage Brokers today for more about the best programs available:  1.855.787.8439.