|
Section 502 Direct Certified Loan Application Packaging Process Updates
October 8, 2020
Program Updates:
The temporary authorization (as outlined in an Unnumbered Letter) to use Tri-Merge Credit Reports (TMCRs) with scores from third parties expired on September 30, 2020. If a complete loan application package with a TMCR was submitted to the Agency by September 30, 2020, the TMCR will be accepted by the Agency even if the eligibility decision is made in Fiscal Year 2021.
Applicants (and packagers working on their behalf) now have two ways to provide the TMCR fee to the Agency: Option 1) Provide a copy of a voided check or savings account deposit slip from an American Bankers Association (ABA) bank. The Agency will use the ABA routing number and account number to collect the applicant’s payment through the Automated Clearing Housing System. Option 2) Mail a check, cashier's check or money order that is signed, dated, and made payable to USDA Rural Development. Option 1 is preferred and works well for packagers who submit loan application packages electronically.
Loan Packaging Express Newsletter:
The eighth edition of the Loan Packaging Express has been posted to the Direct Loan Application Packagers page. Please take a moment to read recent success stories and learn about the successful packaging partnerships across the nation. If you have any questions, comments, or have a packaging success story you would like to share, please email Tammy.Repine@usda.gov.
Be sure to bookmark the Direct Loan Application Packagers page to quickly access various resources and trainings on packaging Section 502 SFH direct loans.
|
