A system for evaluating risk associated with a mortgage loan includes an automated underwriting engine configured to calculate a first risk indication and a second risk indication for the mortgage loan. The first risk indication is based on mortgage loan application data received for the mortgage loan, and further based on at least one of interest rate risk and collateral risk associated with the mortgage loan. The second risk indication represents a probability of an adverse event associated with the mortgage loan. The probability of the adverse event is determined based on the mortgage loan application data. The system also includes user interface logic configure to provide a user interface, and further configured to provide the first risk indication to a lender in the form of an underwriting recommendation for the mortgage loan, and to provide the second risk indication to the lender in a form which is useable by the lender to manage the risk associated with the mortgage loan.