b. Underwriter’s Certification

Because the Loan Prospector system will be making the determination that the loan satisfies credit and income requirements, cases receiving an “Accept” or “Approve” rating will not require the underwriter’s certification on VA Form 26-6393, Loan Analysis (items 50 through 54).  Instead, lenders will need to complete the following certification on “Accept” or “Approve”  loans:

“I, the undersigned lender, hereby certify that case number (insert VA loan number) was processed through _______________ and received an ‘Accept/Approve’ rating.  I further certify that all information entered into the system has been verified and that any credit discrepancies have been reconciled.”

A representative of the lender must sign this certification.  The certification and a copy of the AUS Feedback Certificate (which indicates the risk classification) must be maintained with the origination package.

c. Documentation Guidelines For Credit History

Refer to the following table for Documentation guidelines for credit history.

Subject and Reference

Documentation Classification

Documentation Guidelines and Reductions for Refer

Additional Documentation Reductions for Accept/Approve

Types of credit reports used in reconciliation (section 7 of this chapter)

Use any of the following if <120 days old.

·   All in-file reports

·   Selected in-file reports

·   Merged credit report

·   RMCR

Same as Refer.

Explanation of discrepancies in reported debt (section 5 of this chapter)

No explanation is required

Same as Refer.

Rental payment history (section 7 of this chapter)

Provide a 12 month rental history directly from landlord, through information shown on credit report or by cancelled checks.

No verification of rent is required.