When a user accesses Services > Automated Underwriting, the Loan Number and Borrower Name will display.
Designate the applicable Processing Stage from the drop down selection list: Application, Final Disposition, Post Closing/Quality Control, Prequalification, or Underwriting.
Select the radio button for applicable LP evaluation.
· The Use infiles for LP evaluation radio button will use the infile credit report provided by LP for AU findings.
· If credit has already been ordered in the LOS, select Use existing credit reports for LP evaluation radio button to select a Credit Agency and copy the existing reference number into the Reference Number field.
If the loan was already submitted to LP outside of the LOS, enter the LP Key into the applicable open field.
A blue HERE hyperlink at the bottom of the screen will display allowing the user to switch the Base 1003 Format between Fannie Mae (Desktop Underwriter) and Freddie Mac (Loan Prospector), with the applicable user right enabled.
Tip: If the Base 1003 Format is changed, the 1003 data must be updated before submitting to AU.
Click Submit to complete the AU submission.
Click Cancel to void the AU submission and return the display to the Loan Dashboard.
Tip: If there is required information missing at time of submission, the incomplete information will display. Click on the blue hyperlink associated with the missing data to be directed to correct LOS screen for missing data entry.
Once AU has been submitted, the Automated Underwriting screen will close and the display will return to the Loan Dashboard. In the Loan Details section of the Loan Dashboard, the AU Status will display Submitted and there will be a spinning icon to the right of Services > Automated Underwriting until the findings have been returned successfully and the spinning icon is replaced with a view icon (paper with a spyglass).
Tip: If the submission is not successful a warning icon will replace the spinning icon. Click on the icon to review any errors, correct, and resubmit.
The AU decision will appear on the Loan Dashboard, Loan Pipeline, and under Status & Tracking > Loan Status > Order Status > AU Results. When the findings-titled blue hyperlink is selected in any of these locations, a new window will display with the AU findings.