Okay all you mortgage lenders out there, what exactly is this and how does it factor in to the underwriting process?
This is not an answer to your post. Please revisit the "Removing Paid Collection" post I had a couple more questions for you. Thanks
DU (Desktop Underwriter) as well as Loan Prospector are two computer applications that many lenders use when analyzing your loan application. The are products of Fannie Mae and Freddie Mac, organizations who buy mortgages on the secondary market (they buy them from lenders so that lender have more money to make another loan). Basically, all of your finanacial, personal and work information is feed into DU, and it analyzes it and returns a recommendation as to whether or not your loan meets their guidelines (to be purchased in the secondary market). They are automated underwriting tools. For more on DU, check this out: http://www.fanniemae.com/singlefamily/technology/technology_tools.html For more on Fannie Mae info/history, check this out: http://www.fanniemae.com/company/index.html
Thank you. I got an email from my lender that said I had gone through desktop underwriting and that my file was now passed on to a real person. I figured it was a good sign if it wasn't an automatic rejection. Thanks again so much for the info and the sites
Well, it depends. Was it passed on to a loan processor, or to a human underwriter for "further consideration"? DU returns a recommendation. If the recommendation isn't a good one, they may choose to have an underwriter look at your info. You may wish to call and ask.
