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Guaranteed Underwriting System (GUS) - Components and Overview

GUS Components

Guaranteed Underwriting System, better known as GUS, was designed to simplify and automate the entire process of credit risk evaluation for the Single Family Housing Guaranteed Loan Program (SFHGLP). Automated underwriting system is one of the most accurate methods of mortgage underwriting which is very efficient, objective, and consistent when compared to the old traditional manual methods.

GUS considers the mortgage loan application which is entered by the originator, property information, and credit repository data to calculate the potential borrower’s to repay the proposed mortgage plan. GUS also examines certain elements in the mortgage loan application and gives underwriting recommendation and a credit evaluation within a quick turnaround time. In this article we will read about the components and the general overview of GUS to understand the functionality of GUS.

Guaranteed Underwriting System (GUS) Components

GUS is not deigned to evaluate the dependability of the borrower's income declared for repayment. This is the underwriter's responsibility to determine. Some of the key GUS components are mentioned here -

  • Property and Income Eligibility

    GUS presents an interface with the Rural Development’s website if the property offered is in the situated in the eligible rural area. It also ensures that the annual income of the household does not exceed the adjusted limits in accordance with the size of the household.

  • GUS Rules Based Engine

    This Rules Engine integrates all the guidelines found in the RD Instruction, supplemented by the Administrative Notices regarding starting SFHGLP loans. The rules of this engine may be modified periodically depending on the issues which arise through analysis.

  • TOTAL Scorecard

    GUS uses a slightly modified version of the FHA mortgage scorecard which is known as Technology Open to Approved Lenders (TOTAL) and it has been adjusted and validated for SFHGLP use. The TOTAL scorecard is the intellectual property of HUD. It allows the favorable consideration to applicants who show positive compensating factors.

  • Credit Bureau Interface

    Fannie Mae Credit Interface Service is a platform which provides an interface between the guaranteed underwriting system and the credit bureaus. Lenders need not be subscribed to Fannie Mae to use this interface. This is a seamless interface to the lenders and only acts as a conduit.

Overview of Guaranteed Underwriting System

Guaranteed Underwriting System is a transaction based system. This was created to automate the entire process of credit risk evaluation. The general overview of the entire process is depicted in the form of a flow diagram here -

The Loan information is entered into the GUS (Either from AUS or direct entry)The Loan information is entered into the GUS (Either from AUS or direct entry)
Lender requests for an underwriting decision from GUSLender requests for an underwriting decision from GUS
GUS incorporates the borrower's credit reportGUS incorporates the borrower's credit report
GUS applies eligibility rulesGUS applies eligibility rules
GUS call the scorecardGUS call the scorecard
GUS examines the resultsGUS examines the results
GUS provides an underwriting decisionGUS provides an underwriting decision

Final Underwriting Submission

Lenders need to examine all the points in the final GUS underwriting and findings report. Findings in the final submission may differ from the preliminary one which is obtained from the authorized user who submits the application file to the Rural Development in order to get a commitment of a loan note guarantee.

GUS is built with a unique quality control system which randomly selects some files for the purpose of final documentation submission. This helps in maintaining the loan quality when using GUS and keeps a check on data tolerances in GUS. The final underwriting report is printed by the lenders and retained as the permanent documentation in the particular case file and will be used when the agency conducts a compliance review.

Choose O2I for the Best Mortgage Underwriting Services

Outsource2india has been providing the best underwriting services and a host of other mortgage services to clients around the world at cost-effective prices. Not only do we save a considerable amount of time and money for our clients with the help of our time-tested processes, but also save you the hassle of hiring an in-house tem of mortgage experts and training them.

If you are looking for a reliable underwriting service provider, get in touch with us right away or talk to one of our mortgage service representatives and we will get back to you within 24 hours.

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