Financing in Chicago>Question Details

Ginger L, Home Buyer in Chicago, IL

Does anyone have experience with Ellie Mae automated underwriting?

Asked by Ginger L, Chicago, IL Tue Apr 21, 2009

I have a spotty financial past, the details of which I don't wish to share. However, I have been preapproved for an FHA loan at 4.5% fixed interest. I have read horror stories where, after an offer was accepted, and all the paperwork, earnest money, and inspections were done, the underwriters ended up denying loans. I am worried that my "preapproval" is too good to be true, despite the fact that my loan officer assures me everything looks good. So, my question is, does anyone know about the Ellie Mae "Encompass" (or epass) automated underwriting process?

Help the community by answering this question:



You were actually pre-approved on FHA's Total Scorecard Underwriting system. If you have provided them 2 recent paystubs, your driver's license, 2008/2007 W-2's and federal tax returns, and your 2 most recent bank statements (every page) you should be fine. Your loan officer would then take information off of the documentation you provided and then they would enter it into the automated approval system (Total Scorecard). The approval is as accurate as the information provided.

Kurt Clements
Senior Vice President
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091
1 vote Thank Flag Link Tue Apr 21, 2009
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