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USDA’s new handbook 7 CFR 3555 and Conditional Commitment Applications

Dear Licensed Partner,

Beginning December 1st, 2014, all USDA loans submitted for conditional commitment must be underwritten based on the new guideline as per 7 CFR 3555.
(http://www.rurdev.usda.gov/SupportDocuments/NE_GRH%20Regs%20Federal%20Register%2012.9.13.pdf)

USDA will not accept new applications for conditional commitments from close of business on November 21st, 2014 through December 1st, 2014 as per USDA’s announcement published on November 6th, 2014. (https://cmla.com/news/usda-rural-development-announces-10-day-suspension-new-applications-20141107)

Sun West is requiring all pertinent documentation needed for a complete conditional commitment submission of a USDA loan to be provided as soon as possible to avoid any delays or re-underwriting of the file as per new guidelines.

For all loan submission on or after November 17th, Sun West will underwrite in compliance with these new guidelines/regulations published in the new Handbook 3555.

Any files that do not receive a conditional commitment by November 30th, 2014 will need to be re-underwritten to 7 CFR 3555.

Sun West will be publishing the new underwriting guidelines in AllRegs effective Tuesday November 18, 2014.

If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.

Sincerely,

Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
SW-1: Our New No Overlays Program

 

Equal Housing Opportunity This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.