FORM RD 2006-46 (Rev. 01-98)
U.S. DEPARTMENT OF AGRICULTURE MANUAL ISSUE No.
RURAL DEVELOPMENT WSAL PN 430
Washington, D.C 20250 DATE
July 8, 2009
PROCEDURE NOTICE
RD MANUAL CHANGES
INSERT RD 440.1
(WSAL)
INTEREST RATES, AMORTIZATION,
GUARANTEE FEE, ANNUAL CHARGE, AND FIXED PERIOD. Exhibit B is partially
revised to update the Treasury Judgement Rate and various program rates,
effective June 1, 2009.
REMOVE INSERT
Exhibit B: Pages 1 & 2 (Rev 11). Exhibit B: Pages 1 & 2 (Rev
12).
RD HANDBOOK CHANGES
INSERT
RD HB-1-3550
(WSAL)
DIRECT SINGLE FAMILY HOUSING LOANS AND GRANTS FIELD OFFICE HANDBOOK. This
Handbook is partially revised. Specific revisions include:
Chapter 3:
Paragraph 3.10, to clarify that a decision to deny assistance can be made
during the preliminary eligibility review based on the information provided and
confirmed by the applicant without having to obtain third party verifications.
Also, to remove language regarding the infile credit report since an infile
credit report may only be ordered for potential applicants during the
pre-qualification process or for applicants who will be placed on the waiting
list;
Paragraph 3.16 A.1 and A.2, to revise the types of verifications required. Oral
third-party verifications are acceptable and preferred to verify income and
assets if acceptable documentation is provided by the applicant. Written
third-party verifications are required when documentation is not complete or
consistent;
Attachment 3-E, to update the fax number for Field Support Services; and
Attachment 3-F and Attachment 3-G, to limit the pre-qualification review to a
potential applicant only; someone who yet to submit Form RD 410-4, “Uniform
Residential Loan Application.”
Chapter 4:
Paragraph 4.2 A.5, to specify time frame when establishing reasonable
continuance of income;
Paragraph 4.3 E, to revise the preferred forms of wages and salary, child
support, and assets verifications;
Paragraph 4.6, to revise that the net family assets, not the parties to the
note, are used to determine if the applicant(s) must pay for the costs related
to the purchase of the home;
Section 3, to clarify that an infile credit report may only be ordered for
potential applicants during the pre-qualification process or for applicants
placed on the waiting list, to note that both infile credit reports and
residential mortgage credit reports are considered a hard inquiry on the
applicant’s credit report, and to add guidance on how to handle a match against
U.S. Department of the Treasury’s Office of Foreeign Assets Control database;
Paragraph 4.22 B.2, to revise how deferred debt is handled when establishing an
applicant’s total debt; and
Paragraph 4.25,
to note that a Certificate of Eligibility will be honored even if the area loan
limit changes before the expiration of the commitment, but area loan limits must
be considered on any COE extension.
Chapter 6:
Paragraph 6.15, to require bank statements if the applicants is making a down
payment or paying for closing costs;
Paragraph 6.16, to clarify that compensating factors could be considered as long
as it does not result in risk layering; and
Attachment 6-A, to remove the infile credit report as a required document prior
to approving a loan, to add MortgageServ’s Borrower Cross Reference screen and
to add oral verification of employment and 4 weeks worth of consecutive paystubs
as income documentation.
Chapter 13:
The Helpful Hint Box “Debt Settlement,” Paragraph 13.20 A.2, and Attachment
13-B, to update phone and fax numbers to various departments in the Centralized
Servicing Center.
REMOVE INSERT
Chapter 3 dated 01-23-03: Chapter 3 dated 01-23-03:
Pages 3-1 thru 3-17 and Pages
3-1 thru 3-17 and
3-21 & 3-22,
3-21 &
3-22,
Attachment 3-B: Pages 1 & 2, Attachment 3-B:
Pages 1 & 2 revised,
Attachment 3-D: Pages 3 & 4, Attachment 3-D:
Pages 3 & 4 revised,
Attachment 3-E: Page 1, Attachment
3-E:
Page 1 revised,
Attachment 3-F: Pages 1 thru 3,
Attachment 3-F revised,
Attachment 3-G: Pages 1 & 2, Attachment 3-G:
Pages 1 & 2 revised,
Attachment 3-H: Pages 1 & 2, Attachment 3-H:
Pages 1 & 2 revised,
Chapter 4 dated 01-23-03: Chapter 4 dated 01-23-03:
Pages 4-5 & 4-6, 4-17 & 4-18,
Pages 4-5 & 4-6, 4-17 & 4-18,
4-21 thru 4-24, 4-37 & 4-38,
4-21 thru 4-24, 4-37 & 4-38,
4-43 thru 4-48, 4-51 & 4-52,
4-43 thru 4-48, 4-51 & 4-52
4-57 thru 60, 4-63 & 4-64;
4-57 thru 60,
4-63 & 4-64 revised;
Chapter 6 dated 01-23-03: Chapter 6 dated 01-23-03:
Pages 6-29 & 6-30,
Pages 6-29 & 6-30,
Attachment 6-A: Pages 1 & 2;
Attachment 6-A revised;
Chapter 13 dated 01-23-03: Chapter 13 dated 01-23-03:
Pages 13-11 & 13-12 and
Pages 13-11 & 13-12 and
13-33 & 13-34,
13-33 & 13-34,
Attachment 13-B: Page 1.
Attachment 13-B revised.
INSERT
RD HB-3-3560
(WSAL)
MFH PROJECT SERVICING HANDBOOK. This Handbook is partially revised. Specific
revisions include:
Table of Contents:
To reflect the changes in Chapter 7.
Chapter 7:
Chapter 7 is completely revised to provide the necessary guidance for processing
MFH ownership transfers or sales effectively and efficiently. The goal is to
assist Field Staff and Loan Approval Officials process applications timely while
making sure the applicable legal and administrative requirements are met.
REMOVE INSERT
Table of Contents dated 02-24-05: Table of Contents dated
02-24-05:
Pages 5 thru 21;
Pages 5 thru 23 revised;
Chapter 7 dated 02-24-05: Chapter 7 dated 02-24-05:
Pages 7-1 thru 7-32;
Pages 7-1 thru 7-52 revised;
All Attachments.
Attachments 7-A, 7-B-1, 7-B-2,
7-B-3, 7-B-4, 7-B-5, 7-C,
7-D and 7-E revised 07-08-09.
SPECIAL PROCEDURE NOTICES RELEASED.
SPECIAL PROCEDURE
NOTICE dated
06-15-09. DISTRIBUTION: WSAL.
(Re: Forms RD 9004-1, 9004-2, 9004-3, 9005-1, 9005-2 and 9005-3).
ADMINISTRATIVE NOTICES RELEASED:
(See AN Checklist.)
oOo