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

 

U.S. DEPARTMENT OF AGRICULTURE                            MANUAL    ISSUE No.

RURAL DEVELOPMENT                                          WSAL        PN 421

Washington, D.C  20250                                     DATE

                                                              July 16, 2008

 

 

 

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 July 1, 2008;


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

  

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 July 1, 2008.

REMOVE                                INSERT
Exhibit B:  Page 3 & 4 (Rev 4).       Exhibit B:  Page 3 & 4 (Rev 5).

 

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:

Table of Contents:

To reflect the changes made in Chapter 4.

Chapter 3:

Attachment 3-G, to add filing instructions for the Real Estate Settlement Procedures Act (RESPA) documents, remove reference to Form RD 1922-8 and generically refer to an appraisal report, and to change the reference for an appraisal report.

Chapter 4:

Paragraph 4.3 E.3., to clarify how to perform a year-to-date calculation and when it is appropriate; the example is also updated;

Paragraph 4.7, to limit the need to consider income from assets when determining annual income to households with total assets with a cash value of more than $5,000;

Paragraph 4.8, to clarify the requirements for including income from assets when determining repayment income;

Paragraph 4.10, Exhibits 4-4 and 4-5, to correct that little or nor credit history on the credit report may be mitigated by third-party verifications;

Paragraph 4.12 C.2., to remove the 2nd paragraph that calls for redundant action and repeats indicators of unacceptable credit handling found in Exhibit 4-4; and

Attachments 4-A and 4-B, to limit the need to consider income from assets when determining annual income to households with total assets with a cash value of more than $5,000.

Chapter 5:

Paragraph 5.7 A., to clarify that if the loan does not exceed $7,500 and the repayment schedule does not exceed 15 years, the dwelling’s major systems are not subject to inspection by State-licensed inspectors.

Chapter 6:

Paragraph 6.7 F., to add back to 5 percent loan-to-value limitation when dealing with affordable housing products until such time as the 7 CFR 3550 is revised; and

Attachment 6-A, to remove “Checked Debarment List” as an action that must be done prior to approving a loan.  As outlined in RD Instruction 1940-M, the signed Form RD 410-4, “Uniform Residential Loan Application”, will be the first certification for the debarment requirement and a check of the EPLS query screen prior to loan closing will be the second check.

 
Chapter 12:

Attachment 12-C, to change the credit score to 640 to match Chapter 4 and to remove reference to Form RD 1922-8 and generically refer to an appraisal report.

Appendix 1:

These sections of Appendix 1 are being revised to be consistent with the homeownership education provisions set forth in 7 CFR 3550.

Table of Content and Section 3550.11, to add the “State Director assessment of homeowner education” and to change the [Reserved] from “3550.11 – 3550.49” to “3550.12 – 3550.49;”

Section 3550.52(d)(10), is added to allow for reasonable fees to be charged for homeownership education. 

Section 3550.53(i), to add “Homeownership education;”

Appendix 2:

To remove the “Certification of Disposition of Assets.”

REMOVE                                INSERT
Table of Contents dated 01-23-03:     Table of Contents dated 01-23-03:
  Pages 5 & 6;                          Pages 5 & 6 revised;
Chapter 3 dated 01-23-03:             Chapter 3 dated 01-23-03:
  Attachment 3-G:  Pages 1 thru 4;      Attachment 3-G:  Pages 1 thru 4 revised;
Chapter 4 dated 01-23-03:             Chapter 4 dated 01-23-03:
  Pages 4-23 & 4-24,                    Pages 4-23 & 4-24,
  4-37 thru 4-40, 4-43 & 4-44 and       4-37 thru 4-40, 4-43 & 4-44 and
  4-51 & 4-52,                          4-51 & 4-52,
  Attachment 4-A:  Pages 1 & 2,         Attachment 4-A:  Pages 1 & 2,
  Attachment 4-B:  Pages 3 & 4;         Attachment 4-B:  Pages 3 & 4 revised;
Chapter 5 dated 01-23-03:             Chapter 5 dated 01-23-03:
  Pages 5-13 & 5-14;                    Pages 5-13 & 5-14 revised;
Chapter 6 dated 01-23-03:             Chapter 6 dated 01-23-03:
  Pages 6-13 & 6-14,                    Pages 6-13 & 6-14,
  Attachment 6-A:  Pages 1 & 2;         Attachment 6-A:  Pages 1 & 2;
Chapter 12 dated 01-23-03:            Chapter 12 dated 01-23-03:
  Attachment 12-C:  Pages 1 thru 4;     Attachment 12-C:  Pages 1 thru 4;
Appendix 1 dated 01-23-03:            Appendix 1 dated 01-23-03:
  Pages 1 thru 10 and                   Pages 1 thru 10 and
  21 thru 90; and                       21 thru 91 revised; and
Appendix 2 dated 01-23-03:            Appendix 2 dated 01-23-03:
  Pages 3 & 4.                          Pages 3 & 4 revised 07-16-08.

  

 

FORM

  REPLACEMENT

RD 1944-14
(WSAL)

PAYMENT ASSISTANCE/DEFERRED MORTGAGE ASSISTANCE AGREEMENT revised 05-08.  Prescribed in RD Handbooks 3550.  The Form and FMI are revised to require completion of block 28a in all cases.  Supplies dated prior to the revision date will be disposed of or recycled.  This Form and FMI are available on the Rural Development Instructions home page (http://www.rurdev.usda.gov/regs/).  No paper copy distribution of this form will be made, and it will not be stocked in the warehouse.

REMOVE                              INSERT
FMI dated 04-01-08.                 FMI revised 07-16-08.

 

 

RD 3560-11
(WSAL)

MULTI-FAMILY HOUSING PHYSICAL INSPECTION revised 05-08.  Prescribed in RD Handbook HB-2-3560.  The Form and FMI are revised as follows:

To delete summary page; provide additional directions and definitions for acceptable, finding and violation;

To remove category descriptions;

To add site accessibility;

To add columns “estimated completion date (ECD)” and “not applicable (N/A)” and to add section for comments and observations;

To add vacancy status information and remove category descriptions; and

To include category description to provide additional clarification and to revise criteria for the annual and triennial physical inspection to the FMI.

Supplies dated prior to the revision date will be disposed of or recycled.  This Form and FMI are available on the Rural Development Instructions home page (http://www.rurdev.usda.gov/regs/).  No paper copy distribution of this form will be made, and it will not be stocked in the warehouse.

REMOVE                              INSERT
FMI dated 02-24-05.                 FMI revised 07-16-08.

  

 

NO SPECIAL PROCEDURE NOTICES RELEASED:
 

 

ADMINISTRATIVE NOTICES CHECKLIST:
     (See AN Checklist.)

 

 

 

oOo