3550-25 Loan Closing Instructions/Loan Closing Statement

Form RD 3550-25
(Rev. 12-08)

RURAL DEVELOPMENT

SUBJECT: Loan Closing Instructions and 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 an Automated Clearing House transfer on or before the proposed closing
date of _______________, 20____. Please notify the Rural Development 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.
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 3550-7, “Funding Commitment and Notification of Loan Closing,” must be met prior
to/or at loan closing.
__ Survey.
__ Other:_________________________________________________________________________________________
__ Borrower has rescission rights. The following disbursements must not be issued until the rescission period has expired.
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.

The instruments and forms indicated in the table below must be completed and executed at, or before loan closing. Within 1 working day
from the date of loan closing (or on the 4th working day after loan closing if the borrower has rescission rights), the Closing
Agent/Attorney will:
•

Overnight mail the original Form RD 3550-17, “Funds Transmittal Report,” along with a check made payable to “Rural
Development” for the amount listed on the form to: USDA/Rural Development, SL-MO-C2US, P.O. Box 790300, 1005
Convention Plaza, St. Louis, MO 63101. If applicable, include the original Authorization Agreement for Preauthorized
Payments along with a copy of a deposit slip or canceled check.

•

Overnight mail the original loan closing documents along with signed copies (if indicated) to the Rural Development local
office. Include a copy of the Funds Transmittal Report along with a copy of the check mailed to USDA/Rural Development in
St. Louis.

•

__If this box is checked, fax signed copies of indicated loan closing documents (front and back, as applicable) to the Centralized
Servicing Center (CSC) using Form RD 3550-19, “Transmittal – Closing Documents,” as the fax cover sheet to one of the
following fax numbers: (314) 457-4571 or (314) 457-4577. Date faxed to CSC: ____________________, 20____(date to be
entered by Closing Agent/Attorney).

Original to
Rural
Development
Local Office

No. of Signed
Copies to Rural
Development
Local Office

Provide
Signed
Copy to
Borrower

Fax Signed Form
Copy to
Number
CSC

402-1

410-4
1924-19

Form Name

Deposit Agreement and bank signature card (if required by financial
institution).
____If checked, 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 (enter
name of financial institution) pursuant to Deposit Agreement dated
(enter date of 402-1).” The endorsed check is to be attached to the
Deposit Agreement and delivered to the designated bank.
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
1940-43
1940-59
1944-14
or
1944-6
3550-9

Affidavit Regarding Work of Improvement
Final Title Opinion
Promissory Note
First Payment Coupon
Notice of Right to Cancel
Settlement Statement (or acceptable equivalent)
Payment Assistance Agreement/Deferred Mortgage Assistance
Agreement - signed copy to CSC does not have to be approved/signed
by Rural Development.
Initial Escrow Account Disclosure Statement

3550-12

Subsidy Repayment Agreement

3550-14

Real Estate Mortgage/Deed of Trust-(_____Condominium Rider,
____Planned Unit Development Rider) – Must include legal description
(unrecorded)
Tax Information (updated with actual closing information)
Release From Personal Liability
Funds Transmittal Report
Assumption Agreement-Single Family Housing Loan
Addendum to Assumption Agreement during Construction
Document Errors and Omissions Agreement
Authorization Agreement for Preauthorized Payments

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
Leveraged/Participating Lenders Real Estate Mortgage or Deed of Trust
- Must include legal description (unrecorded)

This form, with the Loan Closing Statement below fully executed, must be returned to the Loan Approval Official with original loan
documents.
__________________________________________
_______________________________
Name of Loan Approval Official
Date
Page 2 – RD 3550-25

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.
_________________________________
Date

______________________________________________

Signature of Closing Agent/Attorney

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