3. When a lender uses a minumum of one automatic underwriting options (AUS) to test the program while the system or assistance build a couple of or more results, the bank complies with 1003.4(a)(35) from the revealing, apart from bought secured finance, title of one’s AUS utilized by the lending company to help you assess the application therefore the influence produced by you to definitely AUS as dependent on the following principles. To see which AUS (or AUSs) and effects (otherwise show) to statement less than 1003.4(a)(35), a loan company follows each of the beliefs which is relevant to the app concerned, throughout the acquisition in which they are set forth less than.
In the event the a loan company obtains a couple of AUS results and you will several ones AUS results is created by the a good program you to corresponds to the loan style of said pursuant to 1003
we. 4(a)(2), the lending company complies that have 1003.4(a)(35) by the revealing one AUS name and you can results. For example, if a lender evaluates a credit card applicatoin utilizing the Federal Construction Administration’s (FHA) Tech Accessible to Recognized Loan providers (TOTAL) Scorecard and you will subsequently evaluates the applying having an enthusiastic AUS used to dictate qualifications to own a low-FHA mortgage, but ultimately starts a keen FHA financing, the bank complies having 1003.4(a)(35) from the reporting Full Scorecard plus the result from one to program. 4(a)(2), the lending company makes reference to and that AUS effect are reported by following principle established below into the remark cuatro(a)(35)-step 3.ii.
ii. If a loan company receives two or more AUS efficiency and you may brand new AUS creating some of those show represents the fresh consumer, insurance company, otherwise guarantor, or no, the lending company complies having 1003.4(a)(35) by reporting one AUS label and you can result. Such as for instance, if a loan company evaluates a loan application on the AUS of Securitizer A and you will subsequently evaluates the program on the AUS of Securitizer B, nevertheless the standard bank eventually starts a secured financing this deal into the exact same season so you’re able to Securitizer An excellent, the lending company complies which have 1003.4(a)(35) by reporting the name of Securitizer A’s AUS as well as the impact made by that system. In the event the a lending institution gets several AUS show and you will multiple of those AUS abilities is generated because of the a beneficial system one represents the latest consumer, insurance provider, otherwise guarantor, or no, the bank relates to hence AUS effect should be advertised of the following concept established lower than when you look at the feedback 4(a)(step three5)-3.iii.
In the event the a financial institution gets several AUS efficiency and you can the newest AUS producing one of those results represents the mortgage sort of claimed pursuant to 1003
iii. In the event that a lender get a couple of AUS results and you can none of the options producing those people efficiency match this new purchaser, insurer, or guarantor, if any, or the financial institution try after that concept as more than one to AUS result is produced by a network you to corresponds to either the borrowed funds types of or even the purchaser, insurance company, or guarantor, the bank complies with 1003.4(a)(35) of the revealing the newest AUS results made closest as time loans Baileyton AL passes on borrowing from the bank elizabeth of your AUS one produced that results. Such as for example, if the a lending institution evaluates an application into AUS from Securitizer A good, then again evaluates the program that have Securitizer A’s AUS, the financial institution complies having 1003.4(a)(35) of the reporting the name away from Securitizer A’s AUS as well as the 2nd AUS result. Also, when the a loan company get an originate from a keen AUS one necessitates the lender in order to underwrite the borrowed funds yourself, nevertheless the lender next process the program by way of a special AUS which also generates an end result, the lending company complies having 1003.4(a)(35) because of the revealing title of your own next AUS so it put to test the applying and also the AUS influence created by you to system.
