The automated underwriting system (AUS) for mortgages is a sophisticated computer system used by mortgage lenders to see the results of the automated findings of FHA, VA, USDA, and/or conventional loans. The automated underwriting system takes in data entered by the loan officer and within seconds renders one of three automated findings: Approve/Eligible Refer/Eligible Refer…
What happens if you get a refer eligible versus approve eligible in the automated underwriting system? A refer eligible versus approve eligible means the automated underwriting system (AUS) cannot the eligibility of the borrowers. Refer eligible versus approve eligible means the file can be approved but needs to be manually underwritten. The AUS is signaling…
In this blog, we will cover using Freddie Mac versus Fannie Mae AUS for home loans. Using Freddie Mac instead of Fannie Mae AUS is one of the options most loan officers do not use. There are two different types of automated underwriting systems (AUS). Fannie Mae Desktop Underwriter (DU) and Freddie Mac Loan Prospector…
Apply Now The news of Fannie Mae making rent count towards mortgage automated underwriting system approve/eligible findings is huge news. What this means is if a borrower gets a refer/eligible per automated underwriting system findings (AUS), having rental verification could mean the refer/eligible can turn to an approve/eligible per automated underwriting system findings. The automated…
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