USDA expands rural home loan pilot with six lenders

The U.S. Department of Agriculture (USDA)’s Rural Development agency has selected six additional lenders to participate in a pilot program designed to speed up approvals for rural home loans. Bangor Savings Bank, Fairway Home Mortgage, New American Funding, PennyMac Loan Services LLC, Pulte Mortgage and Union Home Mortgage Corp. will begin participating in the Delegated Authority Lender Interactive Test Environment (LITE) Pilot Program on Dec. 1. The program allows approved lenders to take full responsibility for closing loans through USDA’s Single Family Housing Guaranteed Loan Program within federal regulatory guidelines. USDA delegates its preclosing approval requirement to participating lenders, reducing the agency’s involvement in individual loans. The streamlined process is intended to help lenders close loans more quickly while reducing the time and resources USDA needs to process them. “Under the leadership of President Trump and Agriculture Secretary Brooke Rollins, expanding the Delegated Authority LITE Pilot Program will accelerate USDA lending while maintaining strong underwriting standards,” said George Kelly, administrator of USDA’s Rural Housing Service. Approved len...