Avista Solutions, a Web-based mortgage software company, says its automated underwriting system (AUS) has been interfaced with the Federal Housing Administration's (FHA) ‘Technology Open to Approved Lenders’ (TOTAL) Scorecard.
This interface allows lenders who are underwriting FHA loans to submit borrower information to the TOTAL Scorecard, which combines the capabilities of Avista's AUS to determine whether a loan is eligible to be insured by the FHA.
The direct system-to-system interface between the Avista's AUS and the FHA allows approvals to happen in minutes, speeding up and simplifying the procedure for lenders, Avista says. After lenders enter a borrower's data into the AUS and that information is transferred 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