Loan Closing Instructions and Loan Closing Statement

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Form RD 1927-15
(Rev. 8-04)

FORM APPROVED
OMB NO. 0575-0147
Exp. Date: MM/DD/YY

UNITED STATES DEPARTMENT OF AGRICULTURE
SUBJECT: Loan Closing Instructions and Loan Closing Statement

Farm Service Agency

FOR:

Rural Business-Cooperative Service

TO:

Rural Utilities Service

Reference is made to Form RD 1927-4, ''Transmittal of Title Information,'' dated
Please notify the loan approval official of the agency of the United States Department of Agriculture (USDA) noted above when
closing can occur and any loan checks intended for this transaction will be forwarded. Loan checks must be handled pursuant to RD
Instruction 1927-B (7 CFR part 1927, subpart B) and other instructions enclosed.
Notify the applicant of all loan closing requirements and arrange for closing not later than
days of the date the loan funds are
transferred to your account. If the loan is not closed by that date, the 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.
are as follows:
dated
,20
must be removed. must be subordinated to the lien of the United States which will be
created at loan closing. may remain ahead of the lien of the United States which will be
created at loan closing. must be changed as follows:

No.
No.
No.
No.

The requirements checked below must be met at or before loan closing:
Income under exceptions No.
to be assigned to the USDA on Form RD 443-16
Verify balances secured by liens referred to in the following exceptions:
must not exceed $
must not exceed $

No.
No.

at loan closing.
at loan closing.

Applicant to provide paid in full receipt for a one-year standard fire and extended coverage insurance policy or binder
Written evidence that the water system is acceptable
Written evidence that the waste disposal system is acceptable
Termite and pest certification
Other
Loan funds plus $
be disbursed as follows:

of borrower's personal funds required by USDA to be deposited in escrow with you will

Pay $
Pay $
Pay $

to
to
to

for borrower's share of closing costs. You are to deposit the balance of funds in a
Pay a sum not exceeding $
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 and delivered to the designated bank.

11

A federal agency may not conduct or sponsor, and a person is not required to respond to, nor shall a person be subject to a penalty for failure to comply with a collection of
information subject to the requirements of the Paperwork Reduction Act unless that collection of information displays a currently valid OMB Control Number. The OMB
Control Number for this information collection is 0575-0147. Public reporting for this collection of information is estimated to be approximately 20 minutes per response,
including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, completing and reviewing the collection of
information. All responses to this collection of information are voluntary. However, in order to obtain or retain a benefit, the information in this form is required under 7
CFR 1927-B, Real Estate Title Clearance and Loan Closing. Rural Development has no plans to publish information collected under the provisions of this program. Send
comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden to: Information Collection
Clearance Officer, Rural Development Innovation Center, Regulations Management Division at [email protected]

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The following instruments and forms must be completed and, if applicable, executed at, or before, loan closing. All forms a i-e to
be executed or conformed as required by RD Instruction 1927-B or other applicable instructions. After loan closing, the approved
attorney or title company will complete the last column and return the items listed, with this form, to USDA..
Orig.

No. of

Copies

No.
Signed

No. to
USDA

Form
Number
400-1
400-4
402-1
1924-19
426-2
1940-17

3550-14
1927-1
1927-5
1927-8
1927-10
1927440-9
440-34
1940-59
443-16
1955-49

Form Name

Equal Opportunity Agreement
Assurance Agreement
Deposit Agreement
Builder's Warranty
10 Year Warranty

Property Insurance Mortgage Clause (Without Contribution)
Promissory Note

Amount of 1st year installment = $
Amount of subsequent installments = $
RE Mortgage/Deed of Trust
Real Estate Mortgage/Deed of Trust

Affidavit Regarding Work of Improvement
Agreement with Prior Lienholder
Final Title Opinion

Warranty Deed

Supplementary Payment

Option to Purchase Real Property

Settlement Statement
Assignment of Income from Real Estate Security
Quitclaim Deed

Assumption Agreement

Additional Information and Instructions:
A copy of this Loan Closing Statement signed by you, the executed promissory note, and all other executed documents required for
loan closing must be returned to the loan approval official within one day after the loan is closed, except as soon as possible after
closing you must provide the loan approval official with the final policy of title insurance and, if applicable, the real estate mortgage or
deed of trust.
Date

Loan Approval Official

LOAN CLOSING STATEMENT (To be completed by attorney/title company)

I certify that the subject loan was closed on
, in accordance with RD Instruction 1927-B and other written
directions received from USDA. Enclosed are the properly executed forms in connection with loan closing.
By

Date

Title
FOR USDA USE ONLY: 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 2 - Form RD 1927-15

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