Borrowers with non – traditional credit only – borrowers that have no traditional credit at all, whereby we are able to develop three to five non – traditional credit items. Exhibit no lateness on the non – traditional credit and show that they have at least two months PITI cash reserves and qualify with ratios of 31% and 43% the loan must also be manually underwritten by the direct endorsed underwriter. These loans are not to be inputted into an Automated Underwriting System with TOTAL Scorecard.
Loan files whereby the Automated Underwriting System and TOTAL Scorecard was with a finding of “Refer”. Any loan file regardless of the transaction type, loan amount that receives “Refer” or a “Caution” must be manually underwritten by the direct endorsed underwriter.