FORM RD 2006-46 (Rev. 01-98)

U.S. DEPARTMENT OF AGRICULTURE                                            MANUAL    ISSUE No.

RURAL DEVELOPMENT                                                           WSAL       PN 443

Washington, D.C  20250                                                     DATE

                                                                              November 18, 2010

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 November 1, 2010; and

REMOVE                                INSERT
Exhibit B:  Pages 1 & 2 (Rev 28).     Exhibit B:  Pages 1 & 2 (Rev 29).
 

INSERT RD INS 1951-O                   
(WSAL)

SERVICING CASES WHERE UNAUTHORIZED LOAN(S) OR OTHER FINANCIAL ASSISTANCE WAS RECEIVED – COMMUNITY AND INSURED BUSINESS PROGRAMS.  Exhibit B is partially revised to update program interest rates, effective October 1, 2010.

REMOVE                                INSERT
Exhibit B:  Pages 3 & 4 (Rev 12).     Exhibit B:  Pages 3 & 4 (Rev 13).

INSERT RD INS 1980-D
(WSAL)

RURAL HOUSING LOANS.  This Instruction is partially revised as follows:

Section 1980.302 is partially revised to add the definitions for “Extended-term loan modification,” “Maximum allowable interest rate,” “Mortgage payment to income ratio,” “Mortgage recover advance,” and “Total debt to income ratio.”

Section 1980.373 is added to allow lenders to modify mortgages by reducing the interest rate to a level at or below a maximum allowable interest rate and extending the term of the loan up to 40 years from the date of loan modification.

REMOVE                                INSERT
Table of Contents:                    Table of Contents:
  Pages 5 & 6 (Rev 2), 7 (Rev 1) and    Pages 5 & 6 (Rev 3), 7 (Rev 2),
Pages 5 thru 7 and 59 & 60 (Rev 1).     8A added; and
                                      Pages 5 & 6 (Rev 1), 6A added,
                                      7 & 8 (Rev 1), 8A added,
                                      59 & 60 (Rev 2) and
                                      60A thru 60G added 11-18-10.

RD MANUAL CHANGES

INSERT RD INS 4279-B
(WSAL)

BUSINESS AND INDUSTRY GUARANTEED LOAN PROGRAM.  Section 4279.165(e) is revised to change the members of the National Office loan committees.  Additionally, section 4279.173(e) is revised to change postreview requirements for B&I Guaranteed Loans.

REMOVE                                INSERT
Pages 29 & 30 (Rev 2), 30A (Rev 1)    Pages 29 & 30 (Rev 3), 30A (Rev 2)
and 31 & 32 (Rev 2).                  and 31 & 32 (Rev 3).

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:

Chapters 1, 3 and Appendix 3:

Chapter 1, 2 and Appendix 3-HB Letter 15, are revised to include the new credit report fee of $32 for single and joint RMCSs and the name and address for the new credit report provider, CBC Innovis, Inc.

REMOVE                                INSERT
Chapter 1 dated 01-23-03:             Chapter 1 dated 01-23-03:
  Pages 1-11 & 1-12;                    Pages 1-11 & 1-12 revised;
Chapter 3 dated 01-23-03:             Chapter 3 dated 01-23-03:
  Pages 3-19 & 3-20,                    Pages 3-19 & 3-20,
  Attachment 3-D:  Pages 3 & 4,         Attachment 3-D:  Pages 3 & 4 revised,
  Attachment 3-H:  Pages 1 & 2; and     Attachment 3-H revised; and
Appendix 3 dated 01-23-03:            Appendix 3 dated 01-23-03:
  HB Letter 15.                         HB Letter 15 revised 11-18-10.

NO SPECIAL PROCEDURE NOTICES RELEASED.

ADMINISTRATIVE NOTICES RELEASED:

  (See AN Checklist.)

oOo