Expert Mortgage Assistance Blog


Categories

Mortgage underwriters shoulder the immense responsibility of determining the worthiness of a borrower to get a loan sanctioned. Their decision is critical to ensure that lenders do not approve a bad loan that has a low resale value in the secondary market. However, human discretion is prone to errors and may make the process slower. The mortgage underwriting process can be made less prone to errors and faster by introducing AI. Essentially, AI boosts the…

Mortgage lenders take on a risk with every loan. This risk is the inability to predict the borrowers’ ability to repay a loan on time. It is the responsibility of underwriters to assess credit risk and determine whether a borrower will be able to repay the loan on time. Mortgage underwriting is an extremely process-oriented task. It involves a series of manual steps that are extremely difficult to streamline and keep track of. Any error…