Hoping you all can help me quit thinking myself in circles here!
We do not submit loans to multiple AUS simultaneously; therefore, we report the AUS submission used to approve or deny the loan when a credit decision has been made and we use the most recent AUS submission when a credit decision has not been made.
In this refi market and with all the potential appraisal waivers, we are seeing multiple AUS submissions to both DU and LP.
Users will attempt to submit to both agencies, hoping one will provide an appraisal waiver.
However, LP is much more difficult to submit to through our LOS (especially with the new URLA), and it frequently generates an "Error" or an "Incomplete" result. On an approved or denied loan, this is not an issue; however, my questions is for loans for which we did not make a credit decision.
A loan is submitted on Monday to DU and receives an Approve/Eligible finding.
It is submitted on Tuesday to LP and there are missing loan data fields that are required by LP, which generates an "Error" or "Incomplete" finding.
It is withdrawn on Wednesday, so the LO no longer tries to fix the LP issue.
If we report the last AUS submission as normal for WD loans, then we would report "LP - Incomplete" on the LAR.
However, since the loan was never actually transmitted to or evaluated by LP, my common sense says to report "DU - Approve/Eligible" as that is the only true evaluation of the loan.
On the other hand, if the reg only wants completed evaluations, they why would "Incomplete" or "Error" even be available result options? When I think this, I think I ought to report "LP - Incomplete."
It just seems like valueless information to report an error or an incomplete submission on the LAR when there was a complete submission the day before.
I would appreciate your thoughts very much!