3. When a loan company uses one or more automatic underwriting options (AUS) to test the application form and also the program otherwise expertise generate one or two or even more efficiency, the bank complies that have 1003.4(a)(35) by reporting, except for bought shielded fund, title of your AUS utilized by the financial institution so you can gauge the software therefore the result made by one AUS once the dependent on next beliefs. To determine what AUS (otherwise AUSs) and impact (or show) so you’re able to statement not as much as 1003.4(a)(35), a loan company uses each of the prices that is applicable to your app at issue, regarding purchase where he or she is established less than.
In the event the a loan company get two or more AUS performance and you can multiple of those AUS efficiency is generated by a program one to corresponds to the loan types of reported pursuant so you’re able to 1003
i. 4(a)(2), the lending company complies with 1003.4(a)(35) from the reporting one AUS term and you will effects. Instance, when the a lending institution assesses an application with the Federal Housing Administration’s (FHA) Technology Accessible to Accepted Loan providers (TOTAL) Scorecard and you will next assesses the application form with an enthusiastic AUS always determine qualifications to possess a low-FHA loan, but ultimately originates an enthusiastic FHA mortgage, the bank complies which have 1003.4(a)(35) by revealing Complete Scorecard as well as the effects created by one to system. 4(a)(2), the lending company means which AUS impact can be reported because of the following the concept set forth below for the comment 4(a)(35)-3.ii.
ii. In the event the a loan company receives several AUS show and you can the fresh new AUS generating some of those results corresponds to the new purchaser, insurance carrier, or guarantor, or no, the financial institution complies that have 1003.4(a)(35) because of the reporting one to AUS name and impact. Like, if the https://paydayloanalabama.com/cullman/ a lender assesses a software for the AUS away from Securitizer A good and you may then evaluates the application form with the AUS from Securitizer B, nevertheless the financial institution eventually starts a covered loan so it deal in exact same calendar year so you’re able to Securitizer An excellent, the financial institution complies which have 1003.4(a)(35) of the reporting the name out of Securitizer A’s AUS in addition to results created by one system. If the a lending institution receives several AUS efficiency and you will one or more of those AUS overall performance is created from the a great program that corresponds to the consumer, insurance company, otherwise guarantor, or no, the financial institution relates to hence AUS impact is reported of the following concept established lower than into the opinion 4(a)(35)-3.iii.
In the event that a lending institution receives several AUS performance and you can the fresh new AUS producing among those efficiency represents the borrowed funds form of claimed pursuant so you can 1003
iii. If a lending institution get two or more AUS efficiency and you will not one of the systems producing those performance match new customer, insurance carrier, or guarantor, if any, or the standard bank are after this principle due to the fact more you to definitely AUS outcome is created by a system that corresponds to possibly the borrowed funds sorts of and/or customer, insurance carrier, otherwise guarantor, the lending company complies with 1003.4(a)(35) by the revealing the latest AUS results generated nearest in time with the borrowing from the bank elizabeth of AUS you to definitely made you to definitely influence. Particularly, if the a financial institution assesses an application on AUS out of Securitizer An effective, after that once more evaluates the application form that have Securitizer A’s AUS, the financial institution complies that have 1003.4(a)(35) by the reporting title off Securitizer A’s AUS together with next AUS effects. Likewise, if a loan company gets a result from an AUS you to requires the financial institution to underwrite the loan by hand, although lender then procedure the applying through an alternate AUS which also stimulates a result, the bank complies which have 1003.4(a)(35) by reporting title of the 2nd AUS so it utilized to check on the application form together with AUS results created by one to program.