Found 1 blog entry tagged as refer loans.

If you have applied for a VA mortgage, chances are that the scenario was run through an automated system.  These days mortgage lenders use Automated Underwriting Systems (AUS) for preapprovals for about every type of loan.  Obviously, not all loans get approved.  But even if a borrower does not get an automated approval, there is still a chance of using VA manual underwriting to get loan approval.  Examples of automated underwriting systems used by lenders include:

  • Desktop Underwriter – Fannie Mae version
  • Loan Prospector – Freddie Mac
  • GUS – USDA AUS

Although DU and LP are Fannie and Freddie systems, they are both used for VA loans.  Then, lenders and investors decide if they will use DU, LP, or both for loan scenarios.  GUS, Guaranteed…

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