USDA – Important Reminder for GUS Conversion Cutoff Dates
NewRez associates and clients, please note that effective March 1, 2021, USDA will launch the new version of the Guaranteed Underwriting Systems (GUS) for the application processing and submission of Single Family Housing Guaranteed Loans (SFHGLP) to USDA for obtaining Conditional Commitments (3555-18E) prior to closing. On February 26,2021, the current GUS or Legacy GUS will be no longer be available to process USDA applications.
The New GUS version has been developed to accommodate the redesigned Uniformed Residential Loan Application (URLA) and user interface delivery file format, FNMA DU Mismo 3.4. The New GUS will continue to allow manual entry of all loan application data. The use of the New GUS will be mandatory starting March 1, 2021 for USDA applications. USDA pipeline loan applications that have not received a 3555-18E by February 26, will have to be resubmitted through the New GUS. In anticipation of the March 1, 2021 launch date, USDA has provided SFHGLP stakeholders with the following transition cutoff dates to help manage pipeline loans scheduled to close in February and March 2021.
February 12, 2021 – USDA has determined that final submissions received by USDA via Legacy GUS by 11:59pm ET on February 12, 2021 will be considered for Conditional Commitment prior to the February 26, 2021 closure of Legacy GUS. Loans submitted after February 12, 2021 are unlikely to be reviewed, however, USDA will continue to review as many files as possible until that time.
February 26, 2021 – At the close of business on this day, Legacy GUS will no longer be available for editing or processing applications. Legacy GUS will be available to users in a view only capacity so that historical data is accessible for up to one year.
February 27-28, 2021 – All SFHGLP systems will be unavailable to facilitate the transition to New GUS.
March 1, 2021 – New GUS goes live. Existing applications in Legacy GUS that have not received a Conditional Commitment will require the application to be reentered into New GUS for consideration by USDA.
NewRez associates and clients are reminded that USDA loans cannot close unless a Conditional Commitment(3555-18E) has been issued for the loan prior to closing. Streamline-Assist Refinance Loans will continue to require manual application processing and submission outside of GUS.
Please refer to the Newrez Product Profiles and Lending Library for details.