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CAIVRS And Defaulted Student LoansIf you have recently applied for a FHA Or VA Loan recently, you may have found that a defaulted student loan has made that loan impossible to get. The reason is listed below. Become educated and let Asgard Financial go to work for you. (CAIVRS USDA, Rural Development Rural Housing Service October 1998) The CAIVRS system was developed by the Department of Housing and Urban Development (HUD) to provide Federal agencies the capability to identify loan applicants with delinquent Federal debt from 17 Federal agencies and/ or loan programs. This included defaulted student Loans. The Federal Housing Authority (FHA) and the Veteran Administration (VA) know that CAIVRS is the only means of ensuring that an applicant is not delinquent on a Federal debt. Credit bureaus only report the name of the lender financing the debt, not that of the Federal agency guaranteeing the note. Therefore, delinquent Federal debt on guaranteed or insured Federal loans will only appear with the associated Federal Government agency through the CAIVRS database. The user completes a brief request screen with the applicant's Social Security Number (SSN) or Tax ID number for upload to HUD. Each night HUD will process the requests and provide the CAIVRS data for download. This information is given to your loan broker This data will be automatically downloaded, formatted into a report and distributed to the user at the requesting office. Asgard Financial can assist you in the facilitation of another federal loan by removing you from the CAIVRS database. Simply fill out the enrollment form to get started! |
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