In an email dated June 12, 2019 (Subject: USDA Technology Fee Implementation), the Office of Rural Development announced the following (cited in relevant part):
“On January 1, 2020 the USDA Single Family Housing Guaranteed Loan Program will begin to assess and collect a fee (aka technology fee) from lenders on each closed loan that was submitted via the Guaranteed Underwriting System (GUS). Specifically, any file submitted via GUS that is issued Form RD 3555-18E, ‘Conditional Commitment for Single Family Housing Loan Guarantee,’ on or after January 1, 2020, will require lenders to remit a one-time $25 technology fee with their loan closing package (i.e. the same time a lender currently remits the upfront guarantee fee).” (emphasis in the original)
The email also included a link to a “final advanced copy” of revised Chapter 16 of RH HB 3555-1, which states the following:
“When the technology fee is passed on to the consumer, it will be disclosed on the Loan Estimate and Closing Disclosure as ‘Services You Cannot Shop For/Services Borrowers Did Not Shop For’ [aka Section B] in accordance with 12 CFR 1026.37(f)(2) and 1026.38(f)(2).
These items should be titled as ‘USDA Technology Fee’ on both disclosures when applicable.” (Ibid. § 16.6[B])
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).