Fannie Mae and PMI Mortgage Insurance Co., the nation's third-largest mortgage insurer, are offering automated underwriting of FHA and VA loans in minutes using a PMI system accessible through Fannie Mae's Desktop Underwriter.

Fannie Mae, formally the Federal National Mortgage Association, has integrated PMI's government underwriting component into its newest version of Desktop Underwriter, which has about 350 subscribers.

San Francisco-based PMI's system predicts the likelihood of default on any loan by combining a risk-based computer model with experience on more than a million loans.

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