In the February 7, 2022, issue of the Federal Register (87 FR 6773) the Rural Housing Service (RHS) issued a final rule implementing changes to the Single-Family Housing Guaranteed Loan Program (SFHGLP) to mandate the use of the RHS Guaranteed Underwriting System (GUS) in loan origination and the Lender Loan Closing System (LLC) for loan closings by approved lenders. The final rule is effective May 9, 2022.
The final rule will amend §3555.107(b) introductory text and (b)(1), (3), and (6), to require approved lenders to process SFHGLP loans using the Guaranteed Underwriting System.
Full Memorandum
