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automated underwriting approval! Good or No Good?

i was approved through automated underwriting even with a charge off and collections it said i didnt have to repay, so now my loan has to be looked at manual just to make sure all the info matches up. Do you think i will get approved since it was approved through the system?
  • July 14 2009 - US
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Answers (2)

Well that's a tough one, but you should be okay.  There are those guidelines that are posted broadly that allows complete acceptance of the automated underwriting system findings, then there are "overlays".  These overlays are a stricter set of guidelines that a specific lender may impose over and above those required by the automated underwriting system.  Most of those overlays do designate a maximum allowable charge off/collection dollar amount.  If those debts are "incidental" in nature, you are probably fine.  If it seems like you are "getting away with something", chances are you will need to pay them.  Sometimes age plays a factor too...Good luck with those!
  • July 14 2009
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All information that was inputted into the automated system still needs to be verified.  If the information is true and accurate and meets the program's guidelines, then you should be ok.

Good luck.
  • July 15 2009
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