LOS Offers Interface With USDA Guaranteed Underwriting System

Posted by Orb Staff on June 23, 2009 No Comments
Categories : Residential Mortgage

ated Software Consultants Inc.'s (ASC) PowerLender loan origination software (LOS) has been updated to offer lenders the ability to upload loan files to the U.S. Department of Agriculture's (USDA) Guaranteed Underwriting System (GUS). PowerLender successfully completed a series of compatibility tests for submitting files to the USDA's GUS using both the MISMO AUS 2.3.1 .xml format, as well as the Fannie Mae DU/DU3.2 format. The USDA Rural Development Program, which offers loans that do not require a down payment or private mortgage insurance, traditionally offered loans for low- and very-low-income homeowners. However, its guaranteed loan program, which is open to borrowers with higher incomes, has been one of the agency's most popular offerings of late. "We have seen an increase in the number of our lenders who have requested this capability," says John Liston, head of loan origination software development for ASC. "PowerLender's design allows us to quickly adapt the system to the demands of the lending climate." PowerLender processes mortgage and consumer loans and is available as a traditional desktop or as a hosted system. SOUR

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