IT Systems
Banks generally use IT systems available from various vendors to record and analyze the information, and these systems have proliferated. Here's a primer on what many of them mean. These include the "loan origination system" (also called a loan operating system) (LOS) as well as other tools such as Fannie Mae and Freddie Mac's automated underwriting systems the "Desktop Underwriter" and "Loan Prospector". One example of a LOS is Fiserv's UniFi PRO.
Read more about this topic: Mortgage Underwriting In The United States
Famous quotes containing the word systems:
“The only people who treasure systems are those whom the whole truth evades, who want to catch it by the tail. A system is just like truth’s tail, but the truth is like a lizard. It will leave the tail in your hand and escape; it knows that it will soon grow another tail.”
—Ivan Sergeevich Turgenev (1818–1883)
“Our little systems have their day;
They have their day and cease to be:
They are but broken lights of thee,
And thou, O Lord, art more than they.”
—Alfred Tennyson (1809–1892)