Monthly Default Status Reason Codes for Electronic Status Reporting

USDA Rural Development sent this bulletin at 07/21/2023 09:42 AM EDT

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USDA Rural Development - Together, America Prospers

SFH Guaranteed Servicing

July 21, 2023

Monthly Default Status Reason Codes for Electronic Status Reporting

The Single-Family Housing Guaranteed Loan Program (SFHGLP) is updating its guidance for loan servicers concerning the Default Status Reason Codes for Electronic Status Reporting (ESR). This will better align the SFHGLP with our stakeholders and the mortgage industry.

A quick reference sheet with updated Guidance for Usage is available on USDA LINC Training and Resource Library.

The Electronic Status and Default Status Reporting (ESR) User Guide has been expanded to include the new Default Status Reason Code Guidance for Usage.

These codes apply only to ESR and are not intended to advise loan servicers on how they should report loan statuses to the credit reporting agencies. For reporting to the credit bureaus, loan servicers should confer with their compliance team.

Questions regarding program policy and this announcement may be directed to the National Office Division at sfhglpServicing@usda.gov or (202) 720-1452. Thank you for your support of the Single-Family Housing Guaranteed Loan Program.

Help Resources

Policy Questions

Customer Service Center

Phone: 866-550-5887

Single Family Housing Guaranteed Loan Division

Phone: 202-720-1452

Rural Development Help Desk

For GUS system, outage or functionality assistance

Email: RD.HD@USDA.GOV

Important Links:

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 LINC Training and Resource Library:

https://www.rd.usda.gov/programs-services/lenders/usda-linc-training-resource-library

Procedure Notices: https://www.rd.usda.gov/resources/directives/procedures-notices

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