AUS? GUS?

[Anonymous]

I hope to apply for pre-qual for a mortgage in the next 30-45 days. I am waiting for some updates to my credit report to show. I am hoping to have a mids score mid-600s....but who knows...

I have seen people discuss AUS and GUS on here and uderstand that is is some type of automated underwritng service....but does this software have minimum FICO, scorecard, hx standards that are published or are they ever changing? 

I know some have had no problem with mid 600s but I haven't seen any in Texas and I am wondering if they are even getting through the automated proccess. 

[NC_Mtg_Loaner]

GUS is the Govt. UW System the USDA uses for Guaranteed loans and she is a fickle one.   There are complex algorithms used to measure, score and evaluate the specific risk for the borrower and the property (asset used for colaterral) so it can be tricky.  

If I knew more and could tell you more, I could be in jeopardy and risking my life so i'll leave it as that and pray that my fellow LO's help you figure out more details. 

[Anonymous]

@NC_Mtg_Loaner lol.....thanks! 

Don't risk your life....not worth it! 

[Anonymous]

AUS stands for automated underwriting system. Fannie Mae uses Desktop Underwriter (DU) and Freddie Mac uses Loan Prospector (LP). Like the previous poster mentioned , the systems use algorithms to determine risk based on application info, credit and collateral. They will determine whether approved or underwriter referred . You want system approved as most lenders will not approve a system referred finding and then the system will printout out it's findings in regards to front and backend debt ratios and necessary conditions to be met prior to full approval.