New digital companies are attempting to fight existing underwriters by offering fast and easy mortgage approvals.<br />According to Business Insider, automated mortgage underwriting has artificial intelligence (AI) do the decision-making for granting mortgages.<br />Quicken Loans launched Rocket Mortgage in 2015, which completely upended the mortgage underwriting system.<br />Automated mortgage underwriting can compare borrower information against employment databases.<br />It can also generate property valuations without the need for official appraisals, and reduce fraud incidents. All this saves time--and frustration.
