Discover the power of an automated selling system for Mortgage

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[Music] and so aus aus under automated underwriting system has anybody encountered this does anyone know what this is what this means what is an aus probably when you get a pre-approved client the single most important question you can ask your client believe it or not when we as realtors i'm not a realtor i say we loosely i'm speaking for you all correct me if i'm wrong please jump up throw a rock at me anything i don't care if you are accepting someone's pre-approval to look at a home one of the first things you should ask to the loan officer and understand is did you run aus did you run aus and we're gonna actually get to the key questions so you don't have to write it write it down but go ahead you can skip ahead guys aus automated underwriting system what happens is when we run someone's credit information we also have what's called a loan operating system we put their information their credit their job their income their their savings their salary info their debt info we punch that into our system that system actually speaks to a third party fannie mae and freddie mac we can immediately without having a property identified without having a contract in place i can actually get an approval or a denial so for every client who's shopping there is a way to get an underwriting decision without having a deal in place and that is called a u s does anybody know what d u or l p means great i'd love to anybody heard of fannie mae and freddie mac right pretty all right that's an easy one fannie mae and freddie mac are mortgage insurance companies they tell us how to lend money we lend money based on their guidelines and if the borrower doesn't pay we can call it an insurance claim why because they're telling us if we write a loan based on these guidelines your mortgage loan is insured so we lend based on fannie mae and freddie mac so aus automated underwriting system that basically includes these two there's two ways to run it you run with du means direct underwriter and that's with fannie mae or we run lp which is called loan processor things are in aus both things will tell us if a customer before we actually get right into the thick of a deal if it's actually just approvable and insurable at all that's a huge part of your deal instant it's very very fast once we have the borrower's information and a bona fide applicant we take that credit report there and that income information they provide us that asset information they provided us and their goal target of a a home price and then we punch that into the system and it takes relatively quickly and then from there if it'll say denied because or approved congratulations however at that point we don't yet have actual house in mind right we're doing this at pre-approval so we can't get someone an underwriting decision an underwriting decision comes when a contract is in place and now we actually have collateral house to land on so well before we're gonna do this work now it's it's funny that you say that barbara because though it is um relatively easy to do and it's a system it is a step that many people skip because i say it like it's instant it does take a few hours you know it takes getting into the file rolling up your sleeves caring that it's going to get done that you're sending someone out with a pre-approval who can actually buy a house so it does take some time and that tends to be a step that many loan officers like to skip loan officers are equipped to make a decision and they do know their product and they do know if they can lend but at the end of the day once i know those things i'm going to want to run it through the aus because i want to guarantee to my realtor partners that they're not taking out or accepting an offer of a dead deal i want to make sure it's a good deal so the aus think about that everyone gets a house