PhoenixTeam instrumental in modernizing USDA GUS system and helping to extend homeownership to eligible rural individuals and families

PhoenixTeam supported the modernization of the USDA Rural Housing Service (RHS) Government Underwriting System (GUS) that the Single-Family Housing Guaranteed Loan Program (SFHGLP) uses to support the new Uniform Residential Loan Application (URLA) form. The purpose of the program is to extend homeownership to eligible rural individuals and families who cannot qualify for conventional or other mortgage financing. As of 2020, there were approximately 1,400 active lenders and a total SFHGLP portfolio over one million loans with a cumulative balance of approximately $124 billion. Without this modernization, the USDA guaranteed loan program would have ceased to exist as it would not have been compliant with the new URLA impacting USDA’s ability to extend homeownership to eligible rural individuals and families.