The Rural Housing Service has updated its automated underwriting system to process purchase money loans and will do the same for refinancings.
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"The Government Underwriting System can be used now for regular purchase type loans, but GUS is not yet updated to support the new fee for refinance loans," RHS said in a new notice to lenders.
"It is anticipated that GUS will be updated to support the new refinance fee of 1% on October 22," the notice says.
As previously reported, RHS ran out of funding to guarantee loans but then started issuing conditional commitments on Oct. 1. The agency is waiting for Congress to provide new funding so it can start guaranteeing loans again.
