Rd instruction 1927-b table of Contents




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RD Instruction 1927-B

Table of Contents

Page 1

PART 1927 - TITLE CLEARANCE AND LOAN CLOSING


Subpart B - Real Estate Title Clearance and Loan Closing

TABLE OF CONTENTS



Sec. Page
1927.51 General. 1
(a) Types of loans covered by this subpart. 1

(b) Programs not covered by this subpart. 1

(c) Review by the Office of the
General Counsel (OGC). 1

(d) Agency forms. 1


1927.52 Definitions. 1
Agency. 1

Approval official. 2

Approved attorney. 2

Approved title insurance company. 2

Borrower. 2

Certificate of title. 2

Closed loan. 2

Closing agent. 2

Closing protection letter. 3

Cosigner. 3

Credit sale. 3

Deed of trust. 3

Exceptions. 3

Fee simple. 3

FSA. 3

General warranty deed. 3



Indemnification agreement. 3

Issuing agent. 4

Land purchase contract (contract for deed). 4

Mortgage. 4

National Office. 4

OGC. 4


Program regulations. 4

Quitclaim deed. 4

RHS. 4

Seller. 4



Special warranty deed. 5

State Office. 5


(04-22-96) SPECIAL PN

RD Instruction 1927-B

Table of Contents

Page 2


Sec. Page
1927.52 (Con.)
Title clearance. 5

Title company. 5

Title defects. 5

Trust deed. 5

Voluntary conveyance. 5

Warranty deed. 5

1927.53 Costs of title clearance and closings of
transactions. 5
1927.54 Requirements for closing agents. 6
(a) Form of title certification. 6

(b) Approval of closing agent. 6

(c) Approval of attorneys. 7

(d) Approval of title companies. 7

(e) Approval of title insurance companies. 8

(f) Responsibility of approval official. 8

(g) Conflict of interest. 9

(h) Debarment or suspension. 9

(i) Special provisions. 9

(j) Rejecting closing agents or title

insurance companies. 9
1927.55 Title clearance services. 10
(a) Responsibilities of closing agents. 10

(b) Initial responsibility of approval


official. 10

(c) Ordering title services. 10

(d) Use of title opinion. 10

(e) Use of title insurance. 11

(f) Approval official's responsibilities after
receipt of preliminary title opinion or
title insurance binder. 12

RD Instruction 1927-B

Table of Contents

Page 3


Sec. Page
1927.56 Scheduling loan closing. 13

1927.57 Preparation of closing documents. 13


(a) Preparation of deeds. 13

(b) Preparation of mortgages. 14

(c) Preparation of the promissory note. 17

(d) Preparation of protective instruments. 18

(e) Correction of errors in recorded
security instruments. 21
1927.58 Closing the transaction. 21
(a) Disbursement of loan funds. 21

(b) Title examination and liens or claims


against borrowers. 21

(c) Taxes and assessments. 22

(d) Affidavit regarding work of improvement. 22

(e) Completion of closing documents. 23

(f) Assignment of future income. 23

(g) Return of loan documents to approval


official after loan closing. 23

(h) Final title opinion or mortgage title policy. 23

(i) Other services of the closing agent. 24
1927.59 Subsequent loans and transfers with assumptions. 25
(a) Loans closed using title insurance or

title opinions. 25

(b) Title services required in connection
with assumptions. 26
1927.60 - 1927.61 [Reserved] 26

1927.62 Voluntary conveyances. 26

1927.63 - 1927.64 [Reserved] 26

1927.65 Additional requirements in connection with


loans to homestead entrymen, contract
purchasers of farm units from the Bureau of
Reclamation, and certain American Indians. 26

1927.66 Cancellation of loan, assumption, or credit sale. 26

1927.67 - 1927.89 [Reserved] 26

1927.90 State Supplements. 27

1927.91 Exception authority. 27

1927.92 - 1927.99 [Reserved] 27

1927.100 OMB control number. 27

o0o


(04-22-96) SPECIAL PN

RD Instruction 1927-B

PART 1927 - TITLE CLEARANCE AND LOAN CLOSING
Subpart B - Real Estate Title Clearance and Loan Closing
§1927.51 General.
(a) Types of loans covered by this subpart. This subpart sets forth the authorities, policies, and procedures for real estate title clearance and closing of loans, assumptions, voluntary conveyances and credit sales in connection with the following types of Rural Housing Service (RHS) and Rural Housing (RH), Farm Labor Housing (LH), Rural Rental Housing (RRH), Rural Cooperative Housing (RCH), and NonProgram (NP) loans. This subpart does not apply to guaranteed loans. This subpart is inapplicable to Farm Service Agency, Farm Loan Programs. (Revised 01-09-08, PN 417.)
(b) Programs not covered by this subpart. Title clearance and closing for all other types of agency loans and assumptions will be handled as provided in the applicable program instructions or as provided in special authorizations from the National Office.
(c) Review by the Office of the General Counsel (OGC). When required by applicable program regulations, such as for Multi-Family Housing (MFH) organizations or other complex cases as determined by the State Office, the State Office will request OGC to review the docket and issue closing instructions.
(d) Agency forms. Copies of all agency forms referenced in this regulation and the agency’s internal administrative procedures for title clearance and loan closing are available upon request from the agency’s State Office. Forms and title clearance and loan closing requirements which are specific for any individual state must be obtained from the agency State Office for that state.
§1927.52 Definitions.
Agency. The Rural Housing Service (RHS) and Farm Service Agency (FSA) and their successor agencies.

______________________________________________________________________________

DISTRIBUTION: WSAL Real Property

Title Clearance and

Loan Closing

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