Pursuant to our monthly audit of USDA documents, we will be making the following changes to “USDA/RD Origination Stacking Order Checklist – Attachment 15-A” (Cx19212), so that it matches the latest version of the form promulgated in RD HB-1-3555 ch. 15:
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- Adding the phrase “and Handbook 1-3555” at the end of the second sentence of the “Lender Instructions”;
- Revising the Public Notice date and reference within the footer from “(08-07-20) PN 539” to “(03-01-21) PN 548”;
- Deleting the third bullet point in the “Form RD 3555-21” rows of the table (“Income Calculation Worksheet must be completed with all income calculations fully documented”), as well as deleting “the” from the first bullet point in the second instance of this row;
- Adding the following to the “Evidence of qualified alien” rows of the table: “For Non-Streamlined and Streamlined Refinance transactions evidence is required when adding a new borrower who is not a U.S. Citizen.”;
- Changing the parenthetical phrase “(not required for a streamline refinance)” in the first instance of the “Uniform Residential Appraisal Report (URAR)” row of the table to: “(not required for most streamlined refinances)”;
- Replacing the first bullet point in the “Underwriting Analysis” row of the table (“NOT APPLICABLE FOR GUS ACCEPT FULL DOCUMENTATION”) to: “Executed by the approved lender’s underwriter”;
- Replacing the second bullet point in the “Underwriting Analysis” row of the table (“Executed by applicant(s) and lender”) to “Documentation of annual and repayment income calculations”;
- Removing the phrase “+ Verbal VOE” from the second bullet point (“Full Documentation: Non self-employed”) of the “Income Verification Documentation: Applicable Methods” rows of the table;
- Replacing “HB 9” in the fourth bullet point (“Additional Income Types”) of the “Income Verification Documentation: Applicable Methods” rows of the table to “Chapter”;
- Adding the following to the end of the second bullet point of the “Asset Documentation” row of the table: “Refer to Chapter 9 for acceptable verification documents.”;
- Removing the phrase “as applicable” at the end of the third bullet point in the “Credit Report” row of the table;
- Adding Nevada in the list of community property states in the “Credit Report for Non-Purchasing Spouse (as applicable)” row of the table;
- Changing the first bullet point of the second instance of the row “Uniform Residential Appraisal Report (URAR)” in the table from “NOT APPLICABLE TO STREAMLINED OR STREAMLINED-ASSIST REFINANCE” to “NOT APPLICABLE TO MOST STREAMLINED OR STREAMLINED-ASSIST REFINANCES”;
- Adding the following to the “Underwriting Analysis: FNMA 1008/FHLMC 1077, or similar form” row: “Documentation of annual and repayment income calculations”;
- Within the “Asset Documentation: Annual Income Calculations” row of the table, changing the word “Document” in the first bullet point to “Documentation” and adding the following to the end of the second bullet point: “Refer to Chapter 9 for acceptable verification documents.”;
- Within the “Mortgage Payment History for previous 12 month period” row of the table, merging the two bullet points to state: “Credit Report or Verification of Mortgage”; and
- Adding a new row to the table which states the following: “Evidence of qualified alien status is required when adding a new borrower who is not a U.S. Citizen.”
Also, we will be modifying the revision dates on “Lender Certification For SFH Guaranteed Loan” (Cx3818), “Loan Note Guarantee – Form RD 3555-17” (Cx18891), and “Conditional Commitment for SFH Loan Guarantee – RD 3555-18” (Cx18892) from “01-21” to “03-21”.
These changes will take effect on March 31, 2021. Questions or concerns about these changes should be directed to Client Support at 1.800.497.3584.
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