step 3. Whenever a loan company spends a minumum of one automatic underwriting assistance (AUS) to evaluate the application and also the system or expertise create one or two or maybe more results, the financial institution complies that have 1003.4(a)(35) from the reporting, apart from purchased covered fund, title of your AUS used by the bank so you’re able to assess the software as well as the impact produced by one to AUS as the determined by the following beliefs. To determine what AUS (or AUSs) and you will impact (or efficiency) so you can report under 1003.4(a)(35), a loan company observe each of the values which is appropriate to your app concerned, in the acquisition where he or she is set forth lower than.
If the a financial institution gets a couple of AUS show and you can multiple of them AUS show is generated by a good system you to definitely represents the mortgage variety of claimed pursuant so you’re able to 1003
we. 4(a)(2), the bank complies that have 1003.4(a)(35) of the reporting you to definitely AUS title and you will effect. Such, in the event that a loan company evaluates an application with the Federal Construction Administration’s (FHA) Tech Open to Accepted Lenders (TOTAL) Scorecard and you will then assesses the application that have an AUS regularly influence eligibility for a low-FHA loan, but sooner or later develop a keen FHA mortgage, the bank complies which have 1003.4(a)(35) of the revealing Full Scorecard together with results generated by that system. 4(a)(2), the financial institution refers to and therefore AUS results might be claimed by following concept established less than in the opinion 4(a)(step three5)-3.ii.
ii. In the event that a financial institution obtains two or more AUS abilities and brand new AUS producing one of those efficiency corresponds to the fresh new consumer, insurance company, or guarantor, if any, the lending company complies with 1003.4(a)(35) of the revealing one to AUS term and you will impact. Such, in the event that a loan company assesses a loan application towards the AUS off Securitizer A good and you will after that assesses the application form on the AUS regarding Securitizer B, however the financial institution ultimately originates a covered loan this sells into the exact same twelve months to Securitizer Good, the bank complies that have 1003.4(a)(35) by reporting title out-of Securitizer A’s AUS plus the results generated by you to program. If a lending institution gets 2 or more AUS efficiency and you can one or more ones AUS performance is done because of the good program you to definitely corresponds to the brand new purchaser, insurer, or guarantor, if any, the bank identifies which AUS result should be advertised from the following idea established below during the comment 4(a)(step three5)-3.iii.
If a loan company receives a couple of AUS results and the brand new AUS creating among those overall performance corresponds to the mortgage type of advertised pursuant so you’re able to 1003
iii. In the event that a loan company get 2 or more AUS efficiency and nothing of your possibilities generating those individuals show correspond to this new consumer, insurance provider, or guarantor, or no, payday loan Carolina and/or lender try after that concept due to the fact more you to definitely AUS result is from a system one to represents both the mortgage method of or the customer, insurance provider, otherwise guarantor, the lending company complies having 1003.4(a)(35) by the revealing the fresh new AUS impact made closest after a while towards borrowing from the bank age of AUS you to definitely produced you to definitely effects. Eg, in the event the a financial institution evaluates a loan application toward AUS away from Securitizer A, then once more assesses the application which have Securitizer A’s AUS, the lending company complies that have 1003.4(a)(35) by the reporting the name regarding Securitizer A’s AUS and 2nd AUS influence. Likewise, in the event the a loan company gets a result from an enthusiastic AUS one to necessitates the financial institution so you’re able to underwrite the borrowed funds by hand, but the financial institution next techniques the application form due to a special AUS that can makes an effect, the financial institution complies having 1003.4(a)(35) from the revealing the name of 2nd AUS that it made use of to evaluate the application and AUS effect generated by that system.
