Kentucky USDA Rural Housing Mortgage Lender

 CREDIT ALERT VERIFICATION REPORTING SYSTEM (CAIVRS) CAIVRS is a Federal government wide repository to file and report delinquent and/or defaulted claims on individuals that were paid on their behalf. CAIVRS may return the following results: • A: Approved by CAIVRS (no issues exist) • B: Multiple cases from one or more Federal agencies • C: Claim filed • D: Default on loan • F: Foreclosure of loan • J: Judgment filed An “A” response is the only acceptable result for an applicant to be eligible for a guaranteed loan. CAIVRS in GUS: • GUS will automatically retrieve the CAIVRS response for each applicant when the Borrower Information application page is saved. If the automatically retrieved CAIVRS response is not an “A” response, the lender must obtain evidence of an “A” CAIVRS response outside of GUS.  This documentation must be uploaded as part of a complete loan application submission of the GUS application to USDA.  The CAIVRS response cannot be overwritten or revised ...

New Credit Report Changes Coming Soon for Kentucky Rural Housing Mortgage USDA  Loans and Fico Scores for 2017 In an effort to make credit reports more accurate, all three credit reporting agencies of Equifax, Experian, and TransUnion will no longer provide information regarding civil judgments and tax liens on reports as of  July 1, 2017 .  The impact to credit scores is anticipated to be minimal.  There are no changes to the current reporting of foreclosure and bankruptcy data.  There will be no updates to HB-1-3555 and the following will continue to apply for Single Family Housing Guaranteed Loans: Lenders must secure a marketable first lien as required in 7 CFR Part 3555, 3555.204 and HB-1-3555 Chapter 16.  USDA’s current policy regarding judgments and tax liens in 3555.151(i)(5) and HB-1-3555 Chapter 10:  10.10 and Attachment 10-B will apply.  If a lender identifies a judgment or tax lien for a GUS “A...