Hispanic Group Launches Specialized AU System

The Hispanic National Mortgage Association has announced the launch of HAUS, the first automated mortgage underwriting system that is calibrated to make credit decisions using the nontraditional characteristics prevalent in Hispanic and other immigrant communities.The association said the new system will enable mainstream lenders to expand their market share within these rapidly expanding customer segments and to sell their loans automatically to the HNMA's new correspondent lending company. "Underwriting loans for Hispanic, immigrant, and other nontraditional borrowers has historically been a manual, labor-intensive process," said Leonardo Simpser, managing director of the HNMA. " .... HAUS gives lenders a turnkey, automated solution to this problem and gives them access to customized loan programs and additional liquidity." HAUS takes into consideration more data than traditional AU systems in order to get a better picture of the true creditworthiness of Hispanic and immigrant borrowers, the association said.