AU System allows the user to change the automated underwriting system to which a loan is submitted. The LOS will also change the format of the loan's 1003 to coincide with the selected automated underwriting system.
At the top of the screen there is a red warning statement of “Note: Changing the current AU system will require you to update the 1003 to be compliant with the new system.”
Loan Number and Borrower Name are displayed. Beneath them appears a drop-down menu to choose the preferred Base 1003 Format. The two choices that display are Fannie Mae (Desktop Underwriter) and Freddie Mac (Loan Prospector).
Delete all existing liabilities from 1003 check box will erase any liabilities that have been input on the 1003 when marked. This includes manually input liabilities and imported liabilities.
Once the desired system has been selected, click Update. The user will be prompted with a warning: Changing the current AU system will require you to update the 1003 to be compliant with the new system. Do you still want to proceed?
Click OK to continue and update the base format.
Click Cancel to disregard the changes made on this screen and return the display to the loan dashboard.
Edit AU System