SFH Guaranteed Origination
May 9, 2022
Mandatory use of the Agency's automated Guaranteed Underwriting System (GUS) and the Lender Loan Closing (LLC) System is effective today, May 9, 2022
As originally announced on April 13, 2022, the final rule mandating use of GUS and the LLC system is effective today. The final rule creates uniformity in application submissions and eliminates manual processing of loan documents.
GUS:
Loans that are not supported by GUS, including Streamlined Assist Refinances and the Existing Manufactured Home Pilot Program will not be impacted by the mandatory GUS portion of the rule and should continue to be submitted as they have been in the past. In addition, loans that receive a “REFER” or “REFER WITH CAUTION” GUS underwriting recommendation can still be submitted to the Agency as a manually underwritten loan submission via GUS final submission. All other loans must be submitted in GUS.
LLC:
Lenders must submit all loan closings through the LLC system. Lenders can no longer email loan closing documents or remit paper checks to the Agency.
How Do I Gain Access to GUS and LLC?
Information and documentation are located on USDA LINC.
To incorporate these changes, the Agency has updated the Frequently Asked Questions (FAQ) on the USDA Linc Training and Resource Library under the Loan Origination Tab. In addition, Chapters 2, 15, 16, Appendix 1, and Appendix 2 of HB-1-3555 have been updated. The consolidated handbook is in the process of being updated.
Thank you for supporting the Single-Family Housing Guaranteed Loan Program!
USEFUL LINKS:
USDA LINC Training and Resource Library:
https://www.rd.usda.gov/programs-services/lenders/usda-linc-training-resource-library
SFHGLP Lending Partner Webpage: https://www.rd.usda.gov/page/sfh-guaranteed-lender
SFHGLP webpage: https://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program
USDA URLA Frequently Asked Questions: https://www.rd.usda.gov/sites/default/files/RD-SFH-URLALenderFAQ.pdf
Procedure Notices: https://www.rd.usda.gov/resources/directives/procedures-notices
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