USDA SFH Guaranteed Loan Program Technical Handbook HB-1-3555 ¶9.9 — Agency Review Of Repayment Income

USDA SFH Guaranteed Loan Program Technical Handbook HB-1-3555 ¶9.9 — Agency Review Of Repayment Income

Effective 2025-05-05 · USDA chapter revision · Procedure Notice 640

9.9 AGENCY REVIEW OF REPAYMENT INCOME The Agency will recalculate the lender’s determination of repayment income, as a quality control step, when the repayment ratios are within 10 percent of the published debt ratio threshold of 7 CFR 3555.151(h). The Agency review is only required for manually underwritten loans, defined as application types that are not supported by GUS and applications submitted to GUS that have received an underwriting recommendation of Refer or Refer with Caution. If the Agency’s calculation does not agree with the repayment income calculation of the lender, the Agency will contact the approved lender to review the results and determine the appropriate calculation. This action will strengthen the oversight procedures to verify compliance with regulatory requirements. The Agency will complete Attachment 9-F, Worksheet for Documenting Eligible Household and Repayment Income, to record their calculation, which will then be uploaded to the Electronic Customer File (ECF). 9.10 OPTIONAL DOCUMENTATION OF INCOME FORMS Attachment 9-G of this Chapter provides optional verification forms for the lender’s use in verifying non-employed income or adjusted annual income deductions as follows: x Verification of Pensions and Annuities HB-1-3555 (03-09-16) SPECIAL PN 9-13 Revised (08-05-25) PN 649 Guidance documents lack the force and effect of law, unless expressly authorized by statute or incorporated into a contract. USDA may not cite, use, or rely on any guidance that is not available through their guidance portal, except to establish historical facts. x Verification of Student Income and Expenses x Verification of Medical Expenses x Verification of Social Security Benefits x Verification of Public Assistance x Verification of Child/Dependent Care x Verification of Unemployment Benefits x Verification of Business Expenses x Verification of Support Payments Also available is an optional form to record an oral verification of employment. x Record of Oral Verification of Employment 9.11 EDUCATION The Agency will allow time spent in school towards the required employment history for repayment income This includes college, technical school, and career-based certificates in high school (e.g. health and public safety career tracks).

Source: USDA SFH Guaranteed Loan Program Technical Handbook HB-1-3555 ¶9.9 — Agency Review Of Repayment Income · source URL · snapshot 0466acd1ea2d17a4