DU is an abbreviation that is most frequently used to stand for the desktop underwriter. There are so many terms that are used for desktop underwriter; you can find some of them by searching online at the drop of a hat.
A desktop underwriter is mainly used for desktop underwriting. In fact, it is an automated program that lender uses to assess the loan risks. A desktop underwriter is being broadly used by loan originators for so many good reasons.
With the help of this automated program, a lender can assess whether or not they should have to qualify a borrower. Well, a desktop underwriter is used in more than one way, but most lenders use it through Fannie Mae Guidelines.
The way they use it you do, too. Almost every lender needs it for a conventional loan. A desktop underwriter is used worldwide and is a proven tool in the loan industry for so many good reasons. To your amazement, it is also used for other purposes. When talking about FHA loans, you will need a desktop underwriter as well.
The DU is the only tool that is the most trusted by the lenders in the world. It is as good as anything. There’s a reason for that! The information supplied to the desktop underwriter is always authentic in every way. A DU shows how reliable a lender is.
It is a great tool that really shows the borrower’s housing expense and thus it becomes probably easier to go further ahead of the loan process. This is the tool that also shows a debt to income ration; it is something like killing two birds with one stone.
At that, the reader is able to get a firsthand knowledge of aforementioned essentials including 3 FICO scores, making the tool an absolute breeze! The trend of relying on FICO has become so much common that when another alternative is suggested the lenders throw out of it.
The desktop underwriters that are these days being used are tow namely the top FICO as well as bottom FICO. Again, there are some who would like to kee the middle FICO. Well, what is your analysis and understanding about the top, bottom, and middle FICO?