New digital companies are attempting to fight existing underwriters by offering fast and easy mortgage approvals.
According to Business Insider, automated mortgage underwriting has artificial intelligence (AI) do the decision-making for granting mortgages.
Quicken Loans launched Rocket Mortgage in 2015, which completely upended the mortgage underwriting system.
Automated mortgage underwriting can compare borrower information against employment databases.
It can also generate property valuations without the need for official appraisals, and reduce fraud incidents. All this saves time--and frustration.
