Avista Solutions, a Web-based mortgage software company, has announced that its automated underwriting system (AUS) has been interfaced with the Federal Housing Administration's (FHA) Technology Open to Approved Lenders (TOTAL) Scorecard.
This interface is designed to allow lenders who are underwriting FHA loans to submit borrower information to the TOTAL Scorecard. Avista says the direct system-to-system interface between the company's AUS and the FHA allows approvals to happen in minutes, speeding up and simplifying the entire procedure and reducing origination costs.
‘The interface with FHA is important to mortgage origination firms that don't have a lot of time to waste,’ says Mark Phlieger, Avista's CEO. "FHA is understandably busy at the moment, as it undergoes a renaissance in the use of its products and programs. By interfacing our automated underwriting capability with the TOTAL Scorecard, originators can get answers very quickly, without data reentry and other inefficiencies that can lead to mistakes and delays."Â
To evaluate a prospective loan using the TOTAL Scorecard, Avista's FHA-approved customers will enter a borrower's data into Avista's AUS, which transfers the data directly to the TOTAL Scorecard. The Scorecard automatically evaluates the information and transmits a risk classification of "Accept/Approve" or "Refer." A feedback/findings report is then issued directly to the lender via the AUS. A "Refer" response requires the underwriter to perform a manual review of the borrower's information and determine if he or she qualifies for the loan based on FHA's credit policies and guidelines.
SOURCE: Avista Solutions