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USDA’s Upfront and Annual Fees are Getting Smaller…

USDA

USDA’s Upfront and Annual Fees are Getting Smaller…

USDA FeeWe have great news from USDA and it is going to save your clients some money.

What’s New?

USDA’s Upfront and Annual Fees are Getting Smaller…
This important advisory notice explains how these changes affect your GUS submissions.

On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease.   We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%.   The Guaranteed Underwriting System (GUS) will be updated on August 31, 2016, to allow lenders to select and underwrite using either the FY16 or FY17 fee schedule.   The determination will be based on the current processing timeframes in each state.

 

Read from source..>>

 


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