Justification

OMB Control Number: 0560-0317

Title of Clearance: Farm Loan Programs; Direct Loan Making.

Agency Form Number affected by Change Worksheet: FSA Online Loan Application, Request for Direct Loan Assistance.

Other Changes:

The specific changes to FSA Online Loan Application are the following:

Part J, Item 8 is revised to add the mandatory ECOA (Equal Credit Opportunity Act) disclosure informing the applicant of their right to receive a copy of an FSA-provided real estate appraisal or valuation as follows:

8. ECOA - RIGHT TO RECEIVE APPRAISAL:

As part of the assistance provided by FSA, an appraisal report or written real estate valuation may be required to determine the value of the property you intend to pledge as security. If FSA orders an appraisal or completes a written real estate valuation, you will receive a copy at no cost. You will receive a copy at least three business days prior to the closing of your loan or servicing action. On occasion, the three-day waiting period could cause a delay in loan closing. If you so choose, you have a right to waive this waiting period and a copy will be provided to you no later than the time of loan closing.

These changes are necessary to meet the requirements of ECOA as put forth in CFR and governed by the CFPB (Consumer Financial Protection Board).

There are no changes to the burden hours for the form because this addition is minimal and does not impact the time to review and/or complete the form.

The specific screenshot is shown below: