Automated underwriting systems are formula-driven and do not allow for personal judgment calls. Although human eyes still review each application, the decision is mostly made by computer.
If a borrower has suffered a recent job loss or illness, for example, but is back on solid ground financially, his credit score may have dropped. If the score has fallen below the minimum allowed by an automated system, the borrower will be declined. Manual underwriting is especially helpful when a credit score is close to the guideline but still short of the approval threshold.
Some people may not yet have a credit score. Or, they may have recently started their first adult job. Without a credit history or long-term employment record, they will have a hard time meeting automated underwriting requirements.
In such cases, the Guarantor My Loan Team could still get the loan approved through a manual underwriting process that takes into account other proofs of ability to make steady payments, by verifying the applicant's payment history in place before any negative events, the ability to be empathic and take advantage of flexible thinking.
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