3550-25 Loan Closing Instructions/Loan Closing Statement

Form RD 3550-25
(Rev. 11-06)

RURAL DEVELOPMENT

SUBJECT: Loan Closing Instructions/Loan Closing Statement
FOR: ___________________________________
Name of Borrower(s)

TO: ___________________________________

RD Account No:________________________________
LEVERAGED/PARTICIPATION LOAN:
(1)________________________________________$________________
(2)________________________________________$________________
(3)________________________________________$________________

Name of Closing Agent/Attorney

Reference is made to Form RD 1927-4, “Transmittal of Title Information,” dated__________________________________.
Loan funds will be deposited in your escrow account via Automated Clearing House (ACH) transfer on or before the proposed closing
date of _______________, 20____. Please notify the Rural Development (RD) local office if there are any changes in the
proposed/actual closing date. Funds must be handled pursuant to RD Instructions 1927-B (7 CFR Part 1927, Subpart B) and other
instructions enclosed. A US Treasury Check may be remitted for special circumstances.
Notify the applicant of all loan closing requirements and closing date. If the loan is not closed within 5 working days of the proposed
closing date, loan funds will be removed electronically from your escrow account.
Our requirements regarding the exceptions in your preliminary title opinion or title insurance binder No.____________________
dated________________________, 20____ are as follows:
No. __________ must be removed.
No. __________ must be changed as follows:___________________________________________________________
____________________________________________________________________________________________
No. __________ must be subordinated to the lien of the United States which will be created at loan closing.
No. __________ may remain ahead of the lien of the United States which will be created at loan closing.
The applicable requirements checked below must be met at or before loan closing:
__ Verify balances secured by liens referred to in the following exceptions:
No. _________________ must not exceed $___________________ at loan closing.
No. _________________ must not exceed $___________________ at loan closing.
No. _________________ must not exceed $___________________ at loan closing.
__ Applicant must have provided to Rural Development a paid in full receipt for a one-year standard fire and extended
coverage insurance policy or binder, and flood insurance, if applicable. The “United States of America, acting through the
Rural Housing Service or its successor agency” must be shown in either a mortgage clause or on the declaration page in the
order of priority of their mortgage. The address should be: USDA, Rural Development, Centralized Servicing Center, Attn:
Insurance Department, P. O. Box 66876, St. Louis, Missouri 63166.
__ All requirements of Form RD 1927-l6, “Notification of Loan Closing,” must be met prior to/or at loan closing.
__ Survey.
__ Other:_________________________________________________________________________________________
Rural Development loan funds of $_________, Leveraged/Participation funds of $____________, plus $________________
(estimate) of borrower’s personal funds required by Rural Development to be deposited in escrow with you will be disbursed as
follows:
Pay $ _________________to _____________________________________________________________
Pay $ _________________to _____________________________________________________________
Pay $_________________ to _____________________________________________________________
Pay $_________________ to _____________________________________________________________
Pay $ _________________to _____________________________________________________________
Pay $ _________________to _____________________________________________________________
Pay a sum not exceeding _____________ for borrower’s share of closing costs. You are to deposit the balance of funds in
a countersignature bank account by making a check payable to the borrower and endorsed as follows: “For deposit only in
my supervised bank account in __________________________________________________________________ pursuant
to Deposit Agreement dated _________________________.” The endorsed check is to be attached to the enclosed
Form RD 402-1, “Deposit Agreement,” and delivered to the designated bank.
The following instruments and forms must be completed and executed at, or before loan closing. The Closing Agent/Attorney will
overnight mail, the original Form RD 3550-17, “Funds Transmittal Report,” a check for closing costs, Form RD 3550-28 with a
copy of cancelled check or deposit slip to: USDA/RD, SL-MO-C2US, P. O. Box 790300, 1005 Convention Plaza, St. Louis, MO,
63101. All original documents and copies of the funds transmittal will be overnight mailed to the local RD Office.

CLEAR SIGNED COPIES OF ALL PAGES (front and back as applicable) of Loan Closing Documents, including a copy of the Fax
confirmation of closing documents to CSC, must be Faxed to CSC by the Closing Agent/Attorney within 1 working day from loan
closing, or by the Rural Development Field Office within 3 working days of loan closing. Form RD 3550-19, “Transmittal-Closing
Documents,” will be the FAX cover sheet. FAX only the indicated documents (top of page first) to CSC at one of the following
numbers: (314) 206-2863 and (314) 206-2874.
IF RESCISSION RIGHTS ARE APPLICABLE, HOLD ALL PAPERWORK UNTIL THE FUNDS ARE RELEASED, THEN MAIL.
Date Faxed with Form RD 3550-19, Transmittal-Closing Documents, to CSC by Closing Agent/Attorney________
or Date Faxed to CSC by RD Field Office________.
Orig

No. of
Copies

No.
Signed

No Faxed
to CSC

No. to
FO

Form
Number

Form Name

402-1
410-4
1924-19

Deposit Agreement (and Bank signature card – if applicable)
Uniform Residential Loan Application
Builder’s Warranty _____ 1 year or _____ 10 years (please check)
_____Warranty Deed _____Quit Claim Deed

1927-5
1927-10
1940-16

Affidavit Regarding Work of Improvement
Final Title Opinion
Promissory Note (signed Copy for CSC)
First Payment Coupon – (give to borrower)

1940-43
1940-59
1944-14
1944-6
3550-4

Notice of Right to Cancel
Settlement Statement – (or acceptable equivalent) – (signed copy for CSC)
Payment Assistance Agreement/Deferred Mortgage Assistance Agreement - signed copy
to CSC does not have to be approved/signed by Rural Development to be included.
Employment Certification/Payment Assistance

3550-9

Initial Escrow Account Disclosure Statement

3550-12

Subsidy Repayment Agreement –(signed copy)

3550-14

Real Estate Mortgage/Deed of Trust-(_____Condominium Rider, ____Planned Unit
Development Rider) – Must include legal description (unrecorded, signed copy)
Tax Information (updated with actual closing information)
Release From Personal liability
Funds Transmittal Report (with Check payable to Rural Development for total amount
listed on form.) Copies of each to RD Field Office.
Assumption Agreement-Single Family Housing Loan (signed copy)
Addendum to Assumption Agreement during Construction (signed copy)
Document Errors and Omissions Agreement

3550-15
3550-16
3550-17
3550-22
3550-29

THE FOLLOWING ARE APPLICABLE WHEN USDA IS NOT IN A FIRST LIEN POSITION (LEVERAGED LOAN):
1927-8
Agreement with Prior Lienholder
Leveraged/Participating Lender’s Promissory Note (signed copy)
Leveraged/Participating Lenders Real Estate Mortgage or Deed of Trust - Must include
legal description (unrecorded, signed copy)

This form, with the Loan Closing Statement below fully executed, must be returned to the Loan Approval Official with original loan
documents.
_______________________________
Date

__________________________________________

Name of Loan Approval Official
LOAN CLOSING STATEMENT (To be completed by Closing Agent/Attorney)

I certify that the subject loan was closed on _______________ in accordance with RD Instructions 1927-B and other written directions
received from Rural Development. Enclosed are the properly executed forms in connection with loan closing. Copies of all forms were
faxed_____ to the CSC per above instructions or will be faxed _____ to CSC by the RD Field Office.
_________________________________
Date

______________________________________________

Signature of Closing Agent/Attorney

Page 2 – RD 3550-25

FOR RHS USE ONLY:
As the Loan Approval Official on the subject account, I certify that I was responsible for all underwriting exceptions within my authority,
for obtaining higher level approval to underwriting exceptions when necessary, and for determining loan approval. I certify that
_________________________________________ (enter name of staff member who) verified the borrower’s income and credit, that
_________________________________________ (enter name of staff member who) obligated the funds in MortgageServ and
_________________________________________ (enter name of staff member who) activated the loan in MortgageServ as supported by
documentation in the case file. I further certify that I have examined the loan closing documents and determined that the loan was
properly closed in accordance with instructions provided.
_________________________________
Date

______________________________________________

Loan Approval Official

Page 3 – RD 3550-25