What must be done when a loan is run through GUS?

When a loan is run through the Guaranteed Underwriting System (GUS), one of the essential tasks is to check if the subject property is located in an eligible area. This is crucial because USDA Rural Development loans are designed specifically for properties in rural areas, and eligibility is determined by the property's location. The program aims to promote home ownership in less populated regions; hence, ensuring that the property meets the geographical requirements is a primary focus during the underwriting process.

While confirming the borrower's credit score, verifying the loan amount, and assessing the borrower's income level are important aspects of the overall loan application and approval process, they are not the specific tasks that must be completed when using GUS. GUS primarily serves to determine the eligibility of properties and borrowers for USDA loans, focusing on location as a significant criterion in the evaluation process.