In Brief: Loan Exchange Testing Quicker Underwriting

IMX Exchange has started a pilot program that is intended to let loans be posted on the exchange with an automated underwriting decision before lenders place their bids.

The initial group of lenders includes Bank United, First Nationwide, and Monument Mortgage.

During the test, participating lenders are to work with their automated underwriting service providers, brokers, and IMX to develop alternative uses for automated underwriting.

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