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The goal is to issue single-family mortgage loan guarantees by the middle of the month, says U.S. Rural Housing Service Administrator Tammye Trevino in a notice last week. In the meantime, conditional commitments will still be issued and the lender will assume all risk until the loan note guarantee is issued. Conditional commitments issued after May 26 will be processed in the order by which they were received. The agency is also working on a system upgrade to accommodate its new 3.5 percent upfront fee and new annual fee of up to 0.5 percent. The new system will also accommodate a waiver of any fees for low- and very-low income borrowers.
