Implementation of Newly Revised Form RD 3555-21
NewRez LLC "NewRez" Approved Correspondent Clients: please note, effective immediately, USDA has implemented a new version of the Form RD 3555-21, Request for Single Family Housing Loan Guarantee, that is required for all loan submissions to USDA for conditional approval prior to closing. The revised 3555-21 is available in GUS (Guaranteed Underwriting System) and in fillable format at the USDA eForms website.
The revised 3555-21 has been streamlined by removing the income calculation attachment with the following submission requirements for evidencing the income calculations:
- For GUS “Accept” loans, the annual and repayment income calculations do not have to be submitted but must be retained in the permanent loan file.
- For GUS recommendations that receive an “Accept with Full Documentation” and for Streamline-assist Refinances that are manually underwritten, a copy of the annual adjusted income and repayment income if required, must be provided. Any of the following formats will be acceptable for documenting annual and repayment income calculations: Attachment 9-B or notes in the Underwriter Comments section of the Uniform Underwriting and Transmittal Summary (FNMA 1008/FHLMC 1077).
Please refer to the NewRez Product Profiles for current underwriting policy and product eligibility guidelines.