topic AUS in Mortgage Loans

AUS

aman31 — Thu, 14 Jul 2022 01:18:23 GMT

My loan officer said Congrats the loan is approved by AUS. Does the loan go thru more underwriting later? Just curious if I will still have to provide more information or explanations, etc. It's an FHA loan if that matters. Thanks!

Re: AUS

ShanetheMortgageMan — Thu, 14 Jul 2022 05:18:34 GMT

Automated underwriting is just the first hurdle, the next is when underwriting (a human being) initially reviews your loan. After that happens a "conditional loan approval" will be issued, listing the remaining items the underwriter needs in order to issue the final approval. A good loan officer should foresee what underwriters will need and will request you to provide certain documents based on that, but occasionally there will be items the loan officer didn't catch and whatever it may be will be listed on the conditional loan approval. Getting an automated underwriting approval means that FHA TOTAL (the name of FHA's automated underwriting system) has deemed your loan application to be of acceptable risk, which allows the underwriter to go easier on you than if you didn't receive an automated underwriting approval.

Re: AUS

aman31 — Thu, 14 Jul 2022 10:14:11 GMT

@ShanetheMortgageMan wrote:
Automated underwriting is just the first hurdle, the next is when underwriting (a human being) initially reviews your loan. After that happens a "conditional loan approval" will be issued, listing the remaining items the underwriter needs in order to issue the final approval. A good loan officer should foresee what underwriters will need and will request you to provide certain documents based on that, but occasionally there will be items the loan officer didn't catch and whatever it may be will be listed on the conditional loan approval. Getting an automated underwriting approval means that FHA TOTAL (the name of FHA's automated underwriting system) has deemed your loan application to be of acceptable risk, which allows the underwriter to go easier on you than if you didn't receive an automated underwriting approval.

Thank you! That makes sense. It's a new build so we had conditional approval before the build started. We are in the final phases now.