Sonar includes its own AUS to evaluate the risk of loans. The AUS utilizes Freddie Mac's LPA and Fannie Mae's DO/DU systems to determine if the loan meets their standards.
To access the AUS for a loan application, select the AUS tab (in the Loan Setup collection), or click on Run AUS within the Action menu
Requirements
Before you can run the AUS for a loan, you must have filled in the following information:
Borrower declarations
Subject property address
Product selected
Credit Report (this can be either a soft credit report or hard credit report)
If you are missing the required information, the AUS page will display an error specifying what information is missing.
VA Loans
For VA loans, you will typically be required to enter a VA Residual Amount. If you haven't entered this amount, navigate to the Transaction tab.
FHA Loans
For FHA loans, you will need to indicate the section of act prior to running AUS. This can be modified via the transaction tab.
Running the AUS
To run the AUS for a loan, go to the AUS tab, then select "run AUS". This will run the AUS for Freddie Mac and Fannie Mae.
If the AUS runs successfully, it will return with the approval status, appraisal, reserves, and a report.
Viewing Errors
If there are errors with the AUS run, a table will appear below listing the error code and respective reason for the error
Try Again
While the AUS is running, you will see the option to Try Again. The Try Again button will attempt to process the same data, even if aspects of the loan have since changed. This is useful if you experience a connection error..
Rerunning the AUS
Adding or changing information in the loan application may cause your AUS result to become outdated. The AUS is considered outdated if a change is made to any of the following aspects of the loan:
Change in lender
Change in income
Addition or removal of assets
Change in subject property
Change in requested loan amount
Change in loan program
Addition or removal of a borrower
The AUS can be rerun at any time as long as the loan is still in an Active state. If the loan is in a terminal state, you will no longer be able to run AUS.
Report History
A list of all previous AUS runs for a loan are available on the AUS page after it has run at least once. You can see when they were run, and by whom. AUS reports can also be found under the Documents tab.
Note: If the run is not successful, you will not be able to download the report.
Helpful tools:
Setting up AUS
To set up AUS for your company, navigate to the Settings > Integration tab, you can also visit our guide here
Rerunning the AUS
Adding or changing information in the loan application may cause your AUS result to become outdated. The AUS is considered outdated if a change is made to any of the following aspects of the loan:
Change in lender
Change in income
Addition or removal of assets
Change in subject property
Change in requested loan amount
Change in loan program
Addition or removal of a borrower