Automated mortgage underwriting involves processing mortgage applications primarily or entirely through computerized systems which evaluate eligibility and creditworthiness based on predefined criteria.
An Electronic Signature (e-signature) is a digital method for identity verification through the Internet, usually used in connection with contracts and other types of agreements. This method often involves security measures such as a Personal Identification Number (PIN) to indicate the approval of the individual agreeing to the transaction.
The intended use of an appraisal is a key element in the appraisal process, defining the purpose and context in which a property's market value assessment will be used.
Loan processing encompasses the various steps taken by a lender to approve a loan, from the initial application to the closing of the loan. It involves verifying the borrower's information and fulfilling necessary requirements to ensure the legality and financial viability of the loan.
