CREDIT ALERT VERIFICATION REPORTING SYSTEM (CAIVRS) KENTUCKY GOVERNMENT LOANS USDA, FHA, VA

 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 within GUS. USDA will retrieve and confirm an “A” CAIVRS response when the
loan file is processed in the Agency’s internal Guaranteed Loan System (GLS).

• If the CAIVRS system is unavailable at the time the lender initially completes the Borrower
Information Application page, the user may manually retrieve the CAIVRS response by
accessing the GUS Assets and Liabilities Page, under the CAIVRS Information section.
Lenders can select the HUD CAIVRS hyperlink to access the CAIVRS website directly. The
CAIVRS number retrieved in this manner must be manually entered into the applicable
CAIVRS Number block.

Manually Submitted Files without GUS:

• Lenders must obtain and document an eligible CAIVRS response and include this evidence in
a complete loan submission to USDA.


CAIVRS is not the only source to report a delinquent Federal debt. A delinquent Federal debt
identified on the credit report, public records, or equivalent, must be investigated by the lender to
determine if the debt is valid, paid in full, or the creditor has issued a release of liability. An
applicant with a delinquent non-tax Federal debt is ineligible for a guaranteed loan.

J

Joel Lobb (NMLS#57916)
Senior  Loan Officer
text or call 502-905-3708 cell
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

This web site is not the FHA, VA, USDA, HUD or any other government organization responsible for managing, insuring, regulating or issuing residential mortgage loans.

**Download Fair Housing Booklet – CLICK HERE

All approvals and rates are not guaranteed, and are only issued based on standard mortgage qualifying guidelines

Remember, we are even available this weekend for pre-qualifications or questions.  Call our cell phone or email us.  If you miss us, leave a message and we WILL call you back

http://www.mylouisvillekentuckymortgage.com/

--

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.

10602 Timberwood Circle 

Louisville, KY 40223

Company NMLS ID #1364

Text/call:      502-905-3708
email:          kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

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Equifax, Experian, and TransUnion will no longer provide information regarding civil judgments and tax liens on reports as of July 1, 2017.

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 “Accept” loan file, the manual entry of the debt on the “Assets and Liabilities” application page will not require the file to be downgraded.  The GUS “Accept” recommendation remains valid and the lender must appropriately underwrite the loan file under the requirements of 7 CFR 3555 and HB-1-3555. 

USDA will continue to monitor the performance of guaranteed loans to determine if any future policy changes may be necessary.