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How Can GUS Help You Determine a Borrower's Creditworthiness?

Determine Borrowers Creditworthiness with GUS

Building a home has always been one of the primary goals of every individual. Every person wants to give his family a secure place to live, but owning a home can be quite daunting especially when you are struggling with the finances. Buying a home or a land for the construction of a home can be quite a daunting task. But, for the people who are seeking to build their dream home, USDA can offer you the best loan solutions that you can leverage to build a dream home for your family.

Compared to the loans offered and facilitated by other financial organizations, the USDA loans are much easier to get approved, and are characterized by a simple and straightforward processing. However, this ease of USDA's loan process makes it difficult to accurately assess the loans and determine the creditworthiness of the borrower. In order to help the agencies to easily and precisely assess and manage the risks associated with the loans, USDA has developed a comprehensive and automated system for its single family loan program. Widely known as GUS (Guaranteed Underwriting System), it not only facilitates the accurate assessment, it also shortens the overall turnaround time for the USDA loans while lowering down the processing costs.

How GUS Helps?

With GUS, it becomes much easier to assess the borrower's credit worthiness as it amalgamates a plethora of factors to determine whether a potential borrower would be able to return the loan or not. The factors which are considered by GUS for determining the borrower's creditworthiness include credit history, cash reserves, current income and other vital elements which impact the cash inflow of the borrower.

When the GUS determines the creditworthiness of a potential borrower and if the person is considered as a safe borrower, the approved requests are exhibited as an "Accept" by the system. However, if there is a certain level of risk involved in providing the loan to the person, the potential borrowers are provided different status which reflects the level of risk involved. These status subsume "Refer" (for lower risk) and "Refer with Caution" (for higher risk).

Using the GUS, both the money lenders and brokers can enhance the reach of the USDA's "Single Family Housing Hoan Guarantee Program" in the different rural areas.

GUS Benefits to Lenders and Brokers

Being a reliable tool to determine borrowers' creditworthiness, GUS undoubtedly offers a vast set of benefits for both, lenders and borrowers. GUS can be leveraged by the brokers and lenders to develop a much clearer and lucid understanding of the SDA's loan regulations and loan qualifying criteria for the SFHGLP (Single Family Housing Hoan Guarantee Program).

The GUS benefits to mortgage lenders include a clear evaluation of the ability of the borrower to return the loan, the eligibility of the borrowers and the level of risk involved in offering loans to different potential borrowers while streamlining the overall underwriting process. GUS also aids in reducing the overhead of the paperwork involved in the loan process. However, the biggest benefit of the GUS is that it makes it quite easier for the lenders and borrowers to make decisions pertaining to the potential borrowers regarding whether to give the loan or not.

GUS is not only easy to use, but is also armed with colossal knowledge and matching criteria algorithms which makes it one of the most reliable loan eligibility evaluation systems.

How Guaranteed Underwriting System (GUS) Works?

Built on the lines of the TOTAL (Technology Open to Approved Lenders) by Federal Housing Administration mortgage scoreboard, GUS is a reliable and exhaustive system which ideally matches the inputs given by the potential loan borrowers with the requisites of the loan program, in order to determine the eligibility and credit worthiness of the person requesting for a loan.

Being a money lender or a broker, all you need to do is gather the details pertaining to the person applying for a loan, including his/her current income, cash reserves, credit history etc. and feed this information into the GUS system. The automated system deploys its multifaceted algorithm to perform the required match and evaluate the data for determining the loan eligibility of a person. It not only determines whether a person is eligible for safe loan processing, but also segregates the non-qualifying applicants into different categories along with its recommendations in the real time. If a borrower is not given the "Accept" status, the system also highlights the reasons for the loan eligibility refusal. This implies that, once the cited reasons are corrected and eliminated, the person can re-submit the application for the evaluation again.

Contact Flatworld Solutions to Leverage Maximum Benefits of the GUS System

Flatworld Solutions offers a broad array of Mortgage and Loss Mitigation services to its clients. Being one of the top-notch offshore mortgage services firm, we ensure high quality, reliable and affordable services. With a team of experienced mortgage professionals, we boast of an unmatched suite of services to aid both, lenders and borrowers. Flatworld Solutions possesses a wealth of experience in transaction and processing of the USDA loan processes, and offers a wide range of offshore services to aid lenders leverage the GUS system to significantly enhance their benefits.

Contact Us today to know more about the GUS system and our service offerings.

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