Pc Underwriter (DU) and mortgage Prospector (LP): what they’re and exactly why They thing

Pc Underwriter (DU) and mortgage Prospector (LP): what they’re and exactly why They thing

Ever before expected your loan officer what a DU or LP was, simply to have a response that left your a lot more baffled? You’re one of many.

DU signifies desktop computer Underwriter and LP signifies financing Prospector. Both DU and LP tend to be forms of robotic underwriting techniques (AUS). Financing originators use DU and LP to ascertain whether a loan satisfies Fannie Mae or Freddie Mac’s qualifications requisite consequently DU or LP acceptance is actually a vital step towards closing on a home loan.

Before we become to the walnuts and screws of these programs and just why they matter, it is crucial that people see just who these Fannie Mae and Freddie Mac computer figures are.

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