Reporting automatic underwriting program data – several abilities
step 3. When a financial institution uses one or more automated underwriting systems (AUS) to check the program plus the system or assistance make a few or higher efficiency, the lending company complies having 1003.4(a)(35) of the reporting, except for ordered secure finance, title of AUS employed by the financial institution so you’re able to assess the application as well as the results from that AUS while the dependent on the next values. To see which AUS (or AUSs) and you may effect (otherwise results) to declaration not as much as 1003.4(a)(35), a lending institution employs each of the values which is relevant towards app at issue, on purchase where he could be established below.
In the event the a loan company receives 2 or more AUS efficiency and you may multiple of these AUS efficiency is established from the a beneficial program that corresponds to the borrowed funds style of said pursuant so you can 1003
i. 4(a)(2), the bank complies with 1003.4(a)(35) from the reporting you to definitely AUS identity and you may results. Including, if the a lending institution evaluates a credit card applicatoin making use of the Government Housing Administration’s (FHA) Technical Open to Recognized Lenders (TOTAL) Scorecard and you will after that assesses the applying which have an AUS always determine qualifications for a low-FHA financing, however, sooner originates an enthusiastic FHA mortgage, the lending company complies with 1003.4(a)(35) from the revealing Complete Scorecard in addition to impact created by one to program. 4(a)(2), the financial institution describes which AUS results will likely be reported by the pursuing the principle established lower than within the review cuatro(a)(step 35)-3.ii. …