"This award is about more than technology it's about access to homeownership, said Phoenixteam CEO Tanya Brennan. By modernizing USDA's Guaranteed Underwriting System, we make it easier for lenders to deliver this product, which is often the only path to homeownership for rural families. Among the planned upgrades is automated loan application uploading, a function long available at Fannie Mae and Freddie Mac but absent from GUS."
"Lenders have frequently criticized the platform as confusing and cumbersome, with manual re-entry requirements that discouraged some originators from offering USDA loans. Previous modernization efforts, dating back to the platform's 2006 launch, stalled due to funding constraints. Shaun Michael Lewis, CEO of residential, recreational and luxury real estate brokerage Clearwater Properties, says that his operational scope is heavily rural, leading many of the buyers he works with to rely on USDA loans."
"Automated uploading will be transformational for our operations, as the current manual documentation process generates significant delays, often 2-3 weeks just for initial feedback from underwriting, he said. If the automation is executed well and reduces this wait to days, our agents will be able to move faster on time-sensitive rural property transactions where the buyer otherwise has limited financing options."
Phoenixteam will overhaul the USDA Guaranteed Underwriting System (GUS) to expand lender participation and improve access to affordable housing in rural and underserved areas. Planned upgrades include automated loan application uploading, a capability already offered by Fannie Mae and Freddie Mac but previously absent from GUS. The current platform has been criticized for confusing workflows and manual re-entry that discourage originators. Past modernization attempts stalled because of funding constraints. Automation is expected to shorten underwriting feedback from weeks to days, reduce processing time and costs by an estimated 40-50%, and speed time-sensitive rural property transactions.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]