Automated Loan Closing for Guaranteed Loans
With this new automation lenders can now:
Save money through paperless processing–no more overnight delivery fees to submit checks and closing documents to the Agency.
Electronically submit the information previously collected on Form RD 1980-19, “Loan Closing Report”;
Electronically submit the upfront Guarantee Fee to the Agency via a Pay.Gov interface (no more paper checks);
Electronically upload loan closing documentation via a secure environment (e.g. Promissory Note, HUD-1, etc.). Eliminates the need to send via secured email, encrypting documents, etc.)
View, download, print, and/or save the LNG immediately upon issuance by the Agency.
Lender benefits include:
Electronic submission of the information previously collected on Form RD 1980-19, “Loan Closing Report”;
Electronic submission of the upfront Guarantee Fee to the Agency via a Pay.Gov interface;
Electronic upload of loan closing documentation (e.g. Promissory Note, HUD-1, etc.);
Ability for lender to view, download, print, and/or save the Loan Note Guarantee once issued by the Agency.
The reengineered process will allow the agency to issue the LNG faster and eliminate the backlog, allowing lenderts to deliver the loans to investors without delay.
To get set up and begin s ubmitting electornic loan closings, lenders must complete a Lender Loan Closing User Agreement to request access. A fillable version of the Lender Loan Closing User Agreement can be found online at the
USDA LINC Training and Resource Library.
Lender Loan Closing/Administration Documentation and Resources
Lender Loan Closing Agreement Fillable
Lender Loan Closing Administrative Guide
Quick Steps to Access Lender Loan Closing
Lender Loan Closing User Guide
Quick Steps to Complete a Lender Loan Closing
Additional Lender Security Administrator-Fillable
A Lender Loan Closing Adminsitrative Guide, Lender Loan Closing User Guide, and various quick step documents are also available from the training library.
Lender Loan Closing users Click Here to obtain a Level 2 e-Authentication account to access the system. Once a user has activated a Level 2 e-Authentication account, their organization’s Lender Loan Closing Security Administrator can assign them access to the Lender Loan Closing system.