Fiscal Year 2021 Conditional Commitment Notice
The U.S. Department of Agriculture (USDA) announced on December 30, 2020 that funding for the Rural Development’s Single-Family Housing Guaranteed Loan Program is available, with funding being authorized by the “Consolidated Appropriations Act, 2021.”
The USDA has processed all Conditional Commitments that were issued starting on December 18, 2020 “subject to the availability of funds.” Those files are now obligated, and the Conditional Commitments have been updated to remove the contingent language.
New Guaranteed Underwriting System
On December 23, 2020, the USDA announced the following important dates regarding their new Guaranteed Underwriting System (GUS):
- February 26, 2021: At the end of business day, the existing GUS will no longer be accessible for processing applications. Data will be available to view only for up to one year.
- February 27-28, 2021: Single-Family Housing Guaranteed Loan Program systems will be unavailable while the transition to the new GUS is being completed.
- March 1, 2021: The new GUS will be available, with user credentials being carried over from the prior system. Applications that have not been issued a Conditional Commitment by the end of the business day on February 26, 2021, must be re-entered into the new GUS. Applications entered into the current GUS will not be migrated to the new GUS.
The new GUS will provide a more modern platform that incorporates security standards compliant with the revised Uniform Residential Loan Application (URLA) and MISMO 3.4 data standard. Lenders can apply with the Rural Development’s Single-Family House Guaranteed Loan Program to gain early access to test the new system prior to the March 1, 2021 implementation.
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