SFH Guaranteed Servicing
September 19, 2024
Updates to Monthly Electronic Status Reporting
The Single-Family Housing Guaranteed Loan Program (SFHGLP) is updating its guidance for loan servicers concerning Electronic Status Reporting (ESR). These updates are being added to expand upon the list of existing codes. The updates to the Default Status Code and Default Status Reason Code will be available beginning with the October 2024 reporting cycle.
The following Default Status Code is being updated:
- Default Status Code 10 is being changed to “Payment Supplement Acct (PSA).” The guidance for usage on this code will be updated to be specific to the PSA.
The following Default Status Reason Code is being added:
- Status Reason Code 033 – “Bank Issues” This code should be utilized when the delinquency is attributed to issues arising with the borrower’s financial institution.
The quick reference sheet with updated codes will be made available on USDA LINC Training and Resource Library shortly. The Electronic Status and Default Status Reporting (ESR) User Guide will be expanded to include these changes as well.
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.
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