Loan approvals get faster: Program cuts down on processing time for some homebuyers

From: Charleston Daily Mail | Date: June 15, 1998| Author: | Copyright information

Technological changes and some new products in the home mortgage business mean some prospective homebuyers will get to their goal a little sooner.

Automated loan qualifying can be accomplished for some consumers in 24 hours when the lender uses computerized programs like Loan Prospector or Desktop Underwriting.

When a lender provides information about the applicant, the program can evaluate and approve a loan in a few hours. In addition, a program called Flex 97 permits qualified home buyers with good credit to enter into a loan agreement providing only a 3 percent down payment. And ...

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