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AFR Policies

AFR requires AUS findings finalized and sponsored to AFR for all transactions; with the exception of Correspondent Delegated and Brokered, On-Demand Processing transactions.

AFR does not permit findings to be released for any loan with any  other Encompass Milestone than UW Cancelled /UW Denied. If a loan meets the requirements to have the AUS findings released, please email ReleaseFindings@afrwholesale.com. The email must include the Borrower’s name, AFR’s loan number and the AUS Case Number.

Conventional Financing

Fannie Mae

  • AFR requires Desktop Underwriter (DU) on all Fannie Mae transactions
  • AFR requires and Approve Eligible Recommendation
  • AFR does not permit manual underwriting

Freddie Mac

  • AFR requires Loan Prospector (LP) on all Freddie Mac transactions
  • AFR requires an Accept Recommendation
  • AFR does not permit manual underwriting

Government Financing

FHA

  • AFR allows TOTAL Scorecard through Desktop Underwriter (DU) and Loan Prospector (LP) on all FHA transactions with the exception of Streamlines.
  • AFR permits an Approve/Eligible, Approve/Ineligible (only if the program allows for an LTV over the maximum LTV (Repair Escrow, $100 Down, 203k, etc.) and Refer/Eligible (loan must be manually underwritten and must follow AFR manual underwriting guidelines).
  • AFR does not permit a Refer/Ineligible or Out of Scope Recommendation.

VA

  • AFR allows Desktop Underwriter (DU) and Loan Prospector (LP) on all VA transactions with the exception of IRRRLs.
  • AFR permits an Approve/Eligible, Approve/Ineligible (only permitted on Joint Loans or any loan requiring a split entitlement) and Refer/Eligible (loan must be manually underwritten and must follow AFR manual underwriting guidelines).
  • AFR does not permit a Refer/Ineligible or Out of Scope Recommendation.

USDA

  • AFR requires the use of Guaranteed Underwriting System (GUS) on all USDA transactions; USDA transactions must be submitted with the FNMA 3.2 file.
  • AFR is responsible for pulling GUS on all transaction types with the exception of CDE loans.
  • AFR permits an Accept/Eligible, Refer/Eligible, (loan must be manually underwritten and must follow AFR manual underwriting guidelines)and Refer with Caution/Eligible (loan must be manually underwritten and must follow AFR manual underwriting guidelines)Recommendations.
  • AFR does not permit Ineligible or Unable to Determine Recommendations.