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FSA guaranteed loan program updates
Story Date: 9/7/2015
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Source: USDA FSA, 9/4/15
Hello from the Guaranteed Loan Making Team.
The full version of FSA Farm loan Programs Handbook 2-FLP (Rev. 1), Guaranteed Loan making and servicing, has been updated and made available for download.
Amendment 33 to FSA Farm Loan Programs Handbook 2-FLP was recently issued to include the following changes:
Subparagraph 46 E has been amended to include the requirement for lenders who are corporations to execute AD-3030.
Paragraph 72 has been amended to correct a CFR reference in the title.
Subparagraph 135 C has been amended to correct the following:
• GLS Add Loan Closing Screen title
• link for the 3-month LIBOR rates.
Subparagraphs 245 C and 247 A and B have been amended to include guidance for obtaining AD-3030 from lenders who are corporations.
Subparagraph 341 A has been amended to emphasize that bankruptcy information is to be provided with the lender’s FSA-2248.
Subparagraph 342 B has been amended to clarify calculation of interest accrual and payment of interest in bankruptcy reorganizations.
Subparagraph 342 D has been amended to include a paragraph reference.
Subparagraph 344 A has been amended to:
• add that bankruptcy proceedings are to be reviewed with the default status report
• reference the appraisal or evaluation requirements of paragraphs 181 and 182.
Subparagraph 344 B has been added to address post bankruptcy plan completion actions.
Subparagraph 359 A has been amended to clarify calculation of interest accrual and payment of interest on estimated loss claims.
Subparagraph 359 G has been amended to remove language that is now in subparagraph 359 A.
Subparagraph 360 F has been amended to clarify calculation of interest accrual and payment of interest on final loss claims.
Subparagraph 363 K has been amended to provide additional debt settlement instructions.
Subparagraph 363 L has been amended to provide additional bankruptcy discharge processing guidance.
Subparagraph 374 C has been amended to provide guidance in working with secondary market participants using digital signatures.
Exhibit 13 has been amended to update the contents and add the Extension of Interagency Agreement.
Exhibit 15.5 has been added to provide examples of interest accrual calculations for all types of loss claims.
The current handbook, which includes the last Amendment 33, is available at: Handboook 2-FLP with Amendment 33
If you have any questions related to the current handbook update feel free to contact the Farm Loan Programs at AskFSA@usda.gov
Thank you from the USDA Farm Service Agency Loan Programs
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