step 3. Whenever a lender spends one or more automated underwriting assistance (AUS) to evaluate the application and program otherwise possibilities create several or more overall performance, the financial institution complies which have 1003.4(a)(35) of the revealing, with the exception of bought secure money, title of your AUS employed by the bank to evaluate the application as well as the impact generated by one AUS given that influenced by another principles. To determine what AUS (or AUSs) and effect (otherwise performance) to report around 1003.4(a)(35), a loan company observe each of the standards that’s appropriate towards the software at issue, throughout the order in which he is set forth below.
In the event that a lending institution gets several AUS efficiency and you can several ones AUS abilities is established by the an excellent system one represents the borrowed funds style of said pursuant so you can 1003
we. 4(a)(2), the financial institution complies which have 1003.4(a)(35) by reporting one to AUS title and influence. Such as, if a lending institution evaluates an application using the Federal Homes Administration’s (FHA) Technology Available to Approved Loan providers (TOTAL) Scorecard and you will after that evaluates the application that have an enthusiastic AUS familiar with dictate qualification to possess a non-FHA mortgage, but ultimately develop an enthusiastic FHA mortgage, the financial institution complies having 1003.4(a)(35) because of the reporting Total Scorecard therefore the effect made by you to definitely system. 4(a)(2), the financial institution identifies which AUS effects are going to be advertised from the following concept established less than within the comment cuatro(a)(step three5)-3.ii.
ii. When the a financial institution obtains a couple of AUS show and you may this new AUS promoting among those efficiency corresponds to the newest purchaser, insurer, or guarantor, or no, the lending company complies which have 1003.4(a)(35) because of the revealing you to AUS identity and result. Particularly, if a lending institution evaluates a loan application for the AUS regarding Securitizer A good and then assesses the program on AUS off Securitizer B, however the standard bank fundamentally develop a secure loan so it sells within the exact same twelve months so you’re able to Securitizer A, the bank complies that have 1003.4(a)(35) of the revealing title of Securitizer A’s AUS together with impact produced by one to program. If the a financial institution gets two or more AUS overall performance and you can one or more ones AUS abilities is generated by the a program one represents the latest purchaser, insurance provider, otherwise guarantor, or no, the lending company makes reference to and therefore AUS effect would be claimed from the after the principle established less than within the remark 4(a)(step 35)-3.iii.
In the event that a lending institution get 2 or more AUS results and the newest AUS generating one particular abilities represents the mortgage form of claimed pursuant in order to 1003
iii. In the event that a lender get a couple of AUS efficiency and you may nothing of one’s systems generating the individuals overall performance match the fresh new consumer, insurance company, or guarantor, or no, and/or standard bank is following this concept just like the more than one AUS result is made by a network you to represents either the loan form of and/or customer, insurance provider, or guarantor, the bank complies which have 1003.4(a)(35) from the revealing the fresh AUS impact made nearest in the long run for the borrowing from the bank elizabeth of your own AUS you to definitely produced you to definitely effects. Like, in the event that a lending institution assesses a software towards AUS out-of Securitizer A good, subsequently once more assesses the application with Securitizer A’s AUS, the bank complies which have 1003.4(a)(35) by revealing title from Securitizer A’s AUS and also the second AUS effect. Similarly, in the event that a lending institution gets a result from an AUS one to requires the lender to help you underwrite the mortgage manually, but the standard bank subsequently process the applying compliment of a unique AUS which also generates an effect, the lending company complies which have 1003.4(a)(35) by reporting the name of next AUS so it utilized to check the applying plus the AUS effects from that system.