We are notably backlogged
in USDA loans. However, please understand that since USDA is not currently set
up the “old” way of running through GUS and with a GUS Approval
taking minimum documentation until they are able to start issuing guarantees on
funded loans….. USDA is currently requiring manual underwriting on all
files and then sent to them for manual underwriting for final approval. With
this process, it has doubled the workload of the USDA underwriter.
Also, all USDA offices are
requiring hard copy files with this process and no longer allowing the Lenders
to submit via email.
As we are starting to get
some of the responses from the USDA offices, they are only accepting a small
percentage of loans with DTI’s exceeding guidelines,
even with a GUS accept.
Gateway appreciates your
business as much as your patience!
Kim Boren
National Underwriting
Manager
Gateway Mortgage Group
Dallas, Tx. 75254
office: 972-908-3390 ext:102
8/16/2010