Definition - What does Automated Underwriting mean?
Automated underwriting can be defined as the process in which underwriting is done by a computer. The computer processes and makes a decision based on the information and a computer program. Computers can make decisions related to loan approval by assessing the information related to credit history, the amount asked, and income.
Justipedia explains Automated Underwriting
Automated underwriting usually fails when it comes to complex decisions. More difficult and complex decisions are given to human underwriters. Automated underwriting is usually considered more accurate, timely, efficient, and unbiased than manual (human) underwriting. It is commonly seen in mortgages.
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