Procedure: Ordering An AUS Date Issued: 09/24/2015 Date Effective: 09/24/2015 Date Revised:

Transcription

1 PNP SPECIFICATIONS PNP Name/ History Procedure: Ordering An AUS Date Issued: 09/24/2015 Date Effective: 09/24/2015 Date Revised: Production Channels Retail Correspondent Wholesale Accountable Personnel/ Department Issuing Personnel/ Department Subject Matter Expert (SME) Purpose s Jr. Underwriters Underwriting Assistants Executive Vice President, Operations Director of Processing Director of Underwriting The purpose of this procedure is to explain processes and requirements for ordering a DU or LP AUS. RELATED DOCUMENTATION Guide Branch Processing Manual Matrix None Policy None Procedure None AFN-R-Ops_OrderingAnAUS 09/24/2015

2 RELATED DEFINITIONS AUS An AUS is an Automated Underwriting System. Federal National Mortgage Association (FNMA/Fannie Mae) and the Federal Home Mortgage Corporation (FHLMC/Freddie Mac) have each developed their own automated underwriting systems for evaluating mortgage loans. Based on application data and credit report information, the system generates a "Findings Report". The Findings Report indicates whether or not the loan application is approved, and if approved, sets forth the documentation required to verify the application data. DU LP Fannie Mae's AUS is called Desktop Underwriter (DU). Freddie Mac s AUS is referred to as Prospector (LP). Table of Contents Ordering A FNMA DU AUS... 1 Ordering A FHLMC LP AUS... 3 AFN-R-Ops_OrderingAnAUS 09/24/2015

3 ISSUED 09/24/2015 PAGE 1 OF 6 Ordering A FNMA DU AUS 1. While viewing a loan in Encompass, go to the Services tab and select the Request Underwriting option; the Underwriting dialog box will appear as shown below: Select the Fannie Mae DU for epass option; Click the [Submit] button to initiate the submission to DU. 2. When the FannieMae Welcome to the DU on epass Information and Services Page appears, select the Submit to DU on epass option. 3. When the DU via Ellie Mae Network dialog box appears: Enter/confirm CTI account login and password (for Credit Report order). Click the [Submit] button to send file and credit information to DU. AFN-R-Ops_OrderingAnAUS 09/24/2015

4 ISSUED 09/24/2015 PAGE 2 OF 6 Ordering A FNMA DU AUS (Continued) 4. a. If the Incomplete Application dialog box appears, it will contain a Field ID and Description for information in Encompass that is incomplete. To correct the information return to the loan by clicking the tab (leaving the Services View open so you can refer back to it) and: o Press [Ctrl] + [G] to open the Go to Field dialog box. Type a Field ID in the Field provided and press [Enter] (or click the [Find] button). Enter the missing information. o Repeat the above bullet for all incomplete fields. o Click the [Cancel] button on the Incomplete Application dialog box. o Repeat Steps 1 3 of this procedure. To proceed without correcting the information (if information is not yet known), click the [Continue] button. b. DU will process the file and credit information and present the results (this may take a few minutes). 5. Click the tab to return to the loan. The DU findings will appear in the efolder under the Underwriting placeholder. AFN-R-Ops_OrderingAnAUS 09/24/2015

5 ISSUED 09/24/2015 PAGE 3 OF 6 Ordering A FHLMC LP AUS 6. While viewing a loan in Encompass, go to the Services tab and select the Request Underwriting option; the Underwriting dialog box will appear as shown below: Select the Freddie Mac s Prospector for epass option; Click the [Submit] button to initiate the submission to LP. 7. The Freddie Mac s LP on epass dialog box shown below may appear; if so: Check [ ] Do not show this window anymore checkbox; Click the [Close] button. 8. Click the Submit to LP option (top left). AFN-R-Ops_OrderingAnAUS 09/24/2015

6 ISSUED 09/24/2015 PAGE 4 OF 6 Ordering A FHLMC LP AUS (Continued) 9. The Edit Credit Type and Credit Reference Information dialog box will appear: Ensure [ ] Merged Credit is checked; Keep default Credit Provider as Equifax Mortgage Solutions; The Credit Reference Number should match the credit report to be associated with the AUS; LP Key Number and Prospector ID will be blank until after the initial LP is run on the file; Click the [Submit] button. 10. If you are using LP for the first time in Encompass, the Windows Security dialog box will appear: Enter LP credentials received from AFN IT Department in the User ID and Password fields; Check the [ ] Remember my credentials checkbox and then click [OK]. AFN-R-Ops_OrderingAnAUS 09/24/2015

7 ISSUED 09/24/2015 PAGE 5 OF 6 Ordering A FHLMC LP AUS (Continued) 11. The Request Services screen will appear: In the Technical Affiliate field, select the credit company used for the credit report; Ensure the Reference Number field reflects the credit report reference number; Ensure the Single Merge or Joint Merge (for married co-borrowers) option is selected as appropriate, and the borrower name(s) is/are correct; Ensure the [ ] Automated Underwriting checkbox is marked and Click the [Submit] button. AFN-R-Ops_OrderingAnAUS 09/24/2015

8 ISSUED 09/24/2015 PAGE 6 OF 6 Ordering A FHLMC LP AUS (Continued) 12. The Correct Errors screen may appear; if so, click [Continue] to see errors that need to be corrected and correct any errors (signified with a red x ). 13. The Confirm Submission screen will appear; click the [>Confirm Submit] button to submit the request. 14. The LP findings will appear; to upload the findings to the Encompass efolder: Look at the left navigation panel under View Results ; Click the Send to Your System option (be careful not to click the Return to Your System option here, or the findings will not be uploaded to the efolder). Click the Full Feedback Certificate option to view/print the feedback certificate if desired. AFN-R-Ops_OrderingAnAUS 09/24/2015