In Brief: BancBoston Offering 2-Hour Loan Approvals

JACKSONVILLE, Fla. - BancBoston Mortgage Corp., Jacksonville, has a new mortgage approval process that gives borrowers a decision within two hours of completing the application.

The advance approval program, Fast Track, uses PMI Mortgage Insurance Co.'s automated underwriting system and eliminates the need to forward strong files to an underwriter.

"Since loan underwriters are no longer needed to review fully documented loans, our underwriters are now freed up to focus on the more difficult loans - those ineligible for Fast Track processing because they lack complete data or documentation," said Carolyn Hart, BancBoston's director of underwriting.

The system is available in the lender's southeastern and midwestern offices for loans with loan to value ratios up to 95%.

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