On October 21, 2019, the United States Department of Agriculture (USDA), Rural Development (the “Agency”), announced that funding for the Single-Family Housing Guaranteed Loan Program is available for the new fiscal year (October 1, 2019 to September 30, 2020) after lapsing for a short period of time.
Loan guarantee requests that received a contingent Form RD 3555-18/18E are being processed and lenders will receive an updated “Conditional Commitment” electronically generated by the Agency.
Accordingly, DocMagic has updated the Conditional Commitment (DocMagic File Name: RD355518.RH) to remove an Attachment page from the form that provided additional required language during the timeframe that commitment authority was unavailable. In addition, the first check box under the “Additional Conditions and Requirements” section on page one will no longer be marked.
As discussed in the prior Compliance Wizard article, found here, the upfront guarantee fee of 1.00% and the annual fee of 0.35% will both remain the same for Fiscal Year 2020.
If you have questions about the information presented in this article, please see the USDA announcement here or contact DocMagic’s Compliance Department.
