Automated mortgage underwriting involves processing mortgage applications primarily or entirely through computerized systems which evaluate eligibility and creditworthiness based on predefined criteria.
Equifax is one of the three major credit reporting agencies in the United States that collects and provides consumer financial information to creditors for credit evaluation, loan applications, and other financial decisions.
A Loan Package is a comprehensive collection of documents that are associated with a specific loan application. This package includes all necessary information required by the lender to evaluate and process the loan request.
Originate refers to the process by which a lender creates and funds a loan. Loan origination encompasses assessing and approving an applicant's creditworthiness, as well as disbursing funds to initiate the lending transaction.
