Guaranteed Farm Loan Programs

Guaranteed Farm Loan Programs

FSA2241INS_07-02-20V01

Guaranteed Farm Loan Programs

OMB: 0560-0155

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FSA-2241 Date of Modification: 07-02-2020



GUARANTEED FARM LOAN STATUS REPORT

INSTRUCTIONS FOR PREPARATION

Purpose:

Guaranteed lenders use this form to update the status of each borrower’s loan(s) and to keep data for all guaranteed loans up to date in the Agency’s accounting records.


Handbook Reference:

2-FLP

Number of Copies:

Original

Signatures Required:

Lender

Distribution of Copies:

Original to FSA servicing office.

Automation-Related Transactions: GLS


Lenders must complete items 1 through 36.

Items 1-36

Fld Name /
Item No.

Instruction

1

Guaranteed Farm Loan Status Report As Of_____

Enter the effective date of the figures provided on this form. This form is due to FSA from lenders as of March 31, and September 30 of each year.

2

FSA ID Number

Enter the borrower’s FSA ID number (state code, county code and the borrower’s system generated FSA ID number).

3

Borrower’s Name

Enter the borrower’s name of record.

4

Lender’s ID Number

Enter the lender’s ID number.

5

Lender’s Branch Number

Enter the lender’s FSA branch number. This number is assigned by FSA based on the number of the lender’s branches that make and service FSA guaranteed loans. It is available from the previous FSA-2241 or FSA-2236, Guaranteed Loan Closing Report.

6

Lender’s Name

Enter the lender’s name.

7

Please submit …

Enter the mailing address of the FSA office where the form is to be sent.

8

Lender’s Loan Number

Enter the lender’s loan number.

9

Date of Loan

Enter the date that the loan was originally closed.

10

Loan Amount

Enter the amount of the original loan.

11

Date of Last Update

Enter the effective date of the previously submitted Form FSA-2241.

12

Agency Loan Number

Enter the FSA loan number. The borrower’s first FSA guaranteed loan is number 50.

13

Loan Type

Enter the type of loan. Examples are OL, for operating loan; OL, LOC, for lines of credit; and FO, for farm ownership loans; and CL for conservation loans.

14

Unpaid Principal

This entry is optional for lenders completing this form. Enter the unpaid principal balance from the previous status report.

15

Unpaid Interest

This entry is optional for lenders completing this form. Enter the unpaid interest balance from the previous status report.

16

Lender’s Interest Rate Guaranteed

This entry is optional for lenders completing this form. Enter the rate of interest that was being charged on the guaranteed loan as of the previous status report.

17

Lender’s Interest Rate Non-guaranteed

This entry is optional for lenders completing this form. Enter the interest rate on the nonguaranteed portion of the loan as of the previous status report.




Fld Name /
Item No.

Instruction

18

Amount Advanced During the Current Reporting Period

Enter the amount advanced during this current reporting period, if any.

19

Date of Last Advance

Enter the date of the last advance, if any.

20-22


Leave blank.

23

Unpaid Principal

Enter the unpaid principal balance as of the date entered in Item 1. If an estimated loss claim has been previously paid, and if the unpaid principal balance is less than line #40 Basic Loss on the estimated loss claim, then enter the basic loss amount.

24

Unpaid Interest

Enter the unpaid interest balance as of the date entered in Item 1.

25

Lender’s Interest Rate Guaranteed

Enter the rate of interest that is being charged on the guaranteed portion of the loan.

26

Lender’s Interest Rate non-guaranteed

Enter the interest rate on the non-guaranteed portion of the loan.

27

Amount Advanced During the Current Reporting Period

Enter amount of advances made since previous status. Do not include amounts reported as advanced on Form FSA-2236, “Guaranteed Loan Closing Report.”

28

Date of Last Advance

Enter date of last advance. Leave blank if Item 27 is blank or if Item 13 is type other than OL LOC.

29

Terminate

Enter “Y”, if loan has been paid, or if guarantee is no longer desired or necessary. Enter “N” if guarantee is active. Original guarantee should be returned to FSA if “Y” is entered.

30

Loan Sold

Enter “Y” if any portion of the loan has been sold to an investor in the secondary market. Enter “N” if loan is participated or entire loan is held in lender’s portfolio.

31

Payment Status Code

Enter “A” if loan is paid ahead.


Enter “B” if loan payment is past due or in non-monetary default (Form FSA-2248 must be prepared and submitted to FSA.).


Enter “C” if loan is current.

32

If “A” or “B” is entered in Item 31, enter amount loan is ahead or behind.

33

Authorized Lender’s Signature

An authorized representative of the lender must sign this form.

34

Title

Enter the signing party’s official title.

35

Date

Enter the date that this form is signed.

36

Lender’s Name and Address Changes

Enter any changes to lender’s name and address.


Page 3




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