Approve/Eligible VS. Manual Underwriting.
Getting your loan approved swiftly, for an on time closing.
Everyone knows, lenders refer to automated underwriting systems, when it comes to getting files approved. What most people don’t know, is even when the Automated Underwriting System (AUS), is not able to issue an approval, there are still options. This being said, most lenders would prefer not to work these files due to overlays, and this is where the El Paso Funding Group can help!
Approve Eligible files are mortgage applications that where approved through the Automated Underwriting System (AUS), and due to the file being on or below the required ratios, AUS was able to issue standard conditions that correspond to your client’s file. An underwriter still signs off on the file, and issues conditions accordingly.
Refer eligible files are mortgage applications that are technically "eligible" for mortgage approval but are not approved by the Automated Underwriting System (AUS) due to certain factors, whether that be credit history, income, or perhaps even incorrect information that was input by mistake. At this point, most lenders say "sorry we can’t help you at this time". These files are fundable per the Underwriter’s discretion and usually do fund as long as extenuating circumstances are met, and the file stays below required manual underwriting ratios.