User Scenario: New Automated Underwriting Service Request

This scenario begins after Lenny Lender at Fiscus Bank has collected sufficient application data about John and Mary Freddie, a married couple that wants a $100,000, 30-year, fixed-rate loan to purchase a Single-Family Dwelling. Using ComplianceOne, Lenny entered information about John and Mary, requested and received credit services through ComplianceOne from Kroll Factual Data, entered information about the Single-Family Dwelling condo, loan terms, closing costs, and provided John and Mary an upfront disclosure package that includes the loan application (Uniform Residential Loan Application), Loan Estimate, and additional disclosures.

Assisting Lenny, Patty (loan processor) has requested and received asset and income verification services (outside of ComplianceOne) from service providers Form Free and Equifax, respectively. The loan application is ready for underwriting. Because, Fiscus Bank is an approved Freddie Mac seller, Patty will request automated underwriting results from Freddie Mac’s Loan Product Advisor solution from within ComplianceOne.

Patty follows this process:

• Patty selects Automated Underwriting on the ComplianceOne Services menu.
• Patty completes the following data entry on the Loan Product Advisor page.
  • Automated Underwriting Criteria Section
    • Selects 30YrFixed in the Product Description field.
  • Verification Services Section
    • Selects + to add a service row.
    • Selects John Freddie in the Borrower list.
    • Selects Asset in the Verification Type list.
    • Selects Blend in the Verification Company list.
    • Enters freddie-valid-scenario-1 for the Report Number.
    • Selects + to add a service row.
    • Selects Mary Freddie in the Borrower list.
    • Selects Asset in the Verification Type list.
    • Selects Blend in the Verification Company list.
    • Enters freddie-valid-scenario-2 for the Report Number.
• After entering all data, Patty selects Submit.
• ComplianceOne sends the new automated underwriting request (plus Merged Credit) service request to Loan Product Advisor. Feedback Findings (reports and certificates) and data are returned to the Loan Product Advisor page in ComplianceOne.
• Patty views and/or prints the Findings, selects Save, and is returned to the ComplianceOne page she was on before the service was initiated.