Enhancements to AUS

Overview

The following changes have been made to the AUS functionality in release 6.0.1000:

• DU
  • As a response to Fannie Mae's implementation of the RefiNow™ refinance option, Cloudvirga has enhanced DU Version 11.0 casefiles submitted or resubmitted to DU on or after the weekend of June 5, 2021.
  • Lenders will be able to instruct DU to underwrite a loan case file that may be eligible as RefiNow™ as a standard limited cash-out refinance. When the phrase “Standard LCOR” is entered in the Product Description field, the loan casefile will not be underwritten as RefiNow™.
  • Admins will have the ability to enable the option to "Allow RefiNow Opt Out" within the Vendor Manager - Product Settings. 
• LPA
  • Users now have the ability to submit Freddie Mac Refi Possible loans to LPA.
    • Refi Possible is available for Manually Underwritten Mortgages with Application Dates on and after August 30, 2021, and for submissions to Loan Product Advisor® on and after August 30, 2021.
  • Users may select the "Refi Possible" option under the LPA tab within the Product Identifier dropdown. 

Configuration and Functionality

• DU

  • Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product Settings > Allow RefiNow Opt Out

  • Once enabled users will have the option to "Opt Out" of RefiNow before submitting DU.

• LPA
  • There are no configurations needed to utilize the newly added program

  • The following options will be removed completely:

    • 250 - Home Possible Advantage

    • 310 - Relief Refinance - Open Access

  • The following options will be relabeled

    • Current	New
      320 - Enhanced Relief Refinance	Enhanced Relief Refinance
      251 - Home Possible Advantage for HFAs	HFA Advantage
      241 - Home Possible	Home Possible Mortgage

  • The revised Program Identifier list will be:

    • Select One

    • CHOICEHome

    • Enhanced Relief Refinance

    • HFA Advantage

    • Home Possible Mortgage

    • Refi Possible

Acceptance Criteria

DU

• Use Case 1: RefiNow Opt Out - Enabled - Refinance - No Cash-Out (Including Limited Cash-Out)
  • Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
    • Settings/Allow RefiNow Opt Out = Yes
  • Log in to Loan Center
  • Begin completing a new Refinance loan
  • On the Property tab, enter one of the following for Purpose of Refinance
    • Cash-Out Limited
    • No Cash-Out Rate/Term OR
    • No Cash-Out Other
  • Finish the loan application
  • Shop for Rates
  • Select a Conventional loan product that supports submission to DU
  • Navigate to the DU tab on the AUS page
  • VERIFY: The RefiNow Opt Out field and Tooltip are present and satisfies the requirements
  • Shop for Rates
  • Select an FHA or VA loan product that supports submission to DU
  • Navigate to the DU tab on the AUS page
  • VERIFY: The RefiNow Opt Out field and Tooltip are not present

• Use Case 2: RefiNow Opt Out - Enabled - Refinance - Cash-Out
  • Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
    • Settings/Allow RefiNow Opt Out = Yes
  • Log in to Loan Center
  • Begin completing a new Refinance loan
  • On the Property tab, enter a Purpose of Refinance that is not one of the following:
    • Cash-Out Limited
    • No Cash-Out Rate/Term OR
    • No Cash-Out Other
  • Complete Use Case 1 steps 4-7
  • VERIFY: The RefiNow Opt Out field and Tooltip are not present

• Use Case 3: RefiNow Opt Out - Enabled - Purchase
  • Prerequisite: Loan Center/Vendor Management/AUS/Fannie Mae/Desktop Underwriter/Product
    • Settings/Allow RefiNow Opt Out = Yes
  • Log in to Loan Center
  • Begin completing a new Purchase loan
  • Complete Use Case 1 steps 3-7
  • VERIFY: The RefiNow Opt Out field and Tooltip are not present

LPA

• Use Case 1: Product Identifier - Dropdown
  • Log in to Loan Center
  • Create a new loan or open an existing one that supports submission to LPA
    • i.e., a complete application and a loan product applied that supports submission to LPA
  • Navigate to the LPA tab on the AUS page
  • Review the Product Identifier field
  • VERIFY: The label has been updated correctly
  • VERIFY: The options in the dropdown are correct

*(Corresponding Feature number(s) - 433137, 433167)