What is a requirement if a loan receives a 'refer' in GUS?

When a loan receives a 'refer' in the Guaranteed Underwriting System (GUS), it indicates that the automated underwriting process did not provide an outright approval. Instead, a manual underwriting process is necessary to further assess the loan application. This step is crucial as it allows underwriters to evaluate the unique circumstances and details of the application that may not have been adequately captured or evaluated by the automated system.

Underwriters will closely analyze factors such as credit history, income, debt-to-income ratios, and any other pertinent information to make a decision. This process is essential for ensuring that all aspects of the applicant's financial situation are considered before approval is granted.

In contrast, other options like full file submission to the lender and third-party approval, while potentially relevant steps in some contexts, do not directly address the requirement arising from a 'refer' in GUS. Additionally, instant loan approval would not occur in this situation, as the 'refer' status inherently means further evaluation is needed rather than an immediate approval.