Guaranteed Loan Closing Report

FORM APPROVED
OMB NO. 0575-0137

GUARANTEED LOAN CLOSING REPORT

Form RD 1980-19
(Rev. 02-02)

TRANSACTION CODE 4030
4. LENDER ID NO.

5. LENDER
STATUS
CODE

7. CERTIFICATION EFFECTIVE
DATE
MO
DA
YR

8. CERTIFICATION EXPIRATION
DATE
MO
DA
YR

1. CASE NUMBER

ST

CO
0

BORROWER’S ID
0

9. LENDER NAME AND ADDRESS

2. BORROWER NAME AND ADDRESS

3. BORROWER TYPE CODE
ZIP CODE
11. SOURCE OF FUNDS

10. SERVICING OFFICE

12. INTEREST
ASSISTANCE CODE

ZIP CODE
13. GUARANTEE FEE
PURPOSE CODE

15. AMOUNT OF GUARANTEE
FEE PAID

16. AMOUNT OF LOANLINE OF CREDIT

17. ADVANCE AMOUNT
TO DATE

$

$

$

19. MATURITY DATE
OF LOAN
MO
DA
YR

20. TERM OF BUYDOWN/
INTEREST ASSISTANCE
YEARS

21. PERCENT OF LOAN
GUARANTEED

23. LENDER’S NOTE INTEREST
RATE ON NONGUARANTEED
PORTION

24. BUYDOWN/INTEREST
ASSISTANCE RATE

•

•

%

27. TYPE OF GUARANTEE
1-LINE OF CREDIT
2-LOAN NOTE GUARANTEE

31. DATE GUARANTEE
PERIOD BEGINS
MO
DA
YR

•

%

%

•

18. CLOSING DATE
MO

•

DA

YR

22. LENDER’S NOTE INTEREST
RATE ON GUARANTEED
PORTION

•0 0 0 0% •
25. PERIOD OF OPERATING
LINE OF CREDIT

%

•

26. RESERVED

30. BALANCE OWED ON LOAN

$

3 6
32. DATE GUARANTEE
PERIOD ENDS
MO
DA
YR

33. ANNUAL REVIEW DATE
MO

DA

34. CERTIFIED LOAN
N - NO
Y - YES

YR

36. TITLE

COMPLETED BY AGENCY SERVICING OFFICE
39. OBLIGATED
40. BRANCH NUMBER
LOAN NUMBER

42. SIGNATURE OF AGENCY REPRESENTATIVE I have reviewed this report and the information is consistent
with the conditional commitment and the supporting
documentation provided by the lender.

14. FEE RATE

YEARS
29. INTEREST RATE CODE
1-SINGLE VARIABLE
2-SINGLE FIXED
3-MULTI VARIABLE
4-MULTI FIXED

28. INTEREST BASIS
(360 OR 365 DAYS)

35. AUTHORIZED LENDER’S SIGNATURE I certify that all conditions of the conditional commitment have been
met and that this report accurately describes the subject loan.

38. GUARANTEED
LOAN NUMBER

6. LENDER
TYPE
CODE

43. TITLE

AGENCY SERVICING OFFICE (ORIGINAL) I FILE POSITION 2

•

37. DATE

COMPLETED BY FINANCE OFFICE
41. DATE OF DEPOSIT
MO

DA

YR

44. DATE

LENDER

According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB control number
for this information collection is 0575-0137. The time required to complete this information collection is estimated to average 1 hour per response, including the time for reviewing instructions,
searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.

INSTRUCTIONS FOR PREPARATION
This form is prepared for (1) each loan at the time guarantee is issued, (2) conversion of an existing guaranteed loan to one with interest assistance, (3) payment of guaranteed loan
fees, and (4) consolidation of guaranteed loans. The Guaranteed Loan Closing Report must accompany all guarantee fee payments. Lender delivers this form and applicable fee to
the Rural Development or Farm Service Agency (herein referred to as “Agency” representative.

Item 1.

Enter Borrower’s Case Number. Show the state and county code and the borrower’s Social Security or Internal Revenue Service Tax Identification Number.
Example:
2 9 0 3 7 0 9 8 7 6 5 4 3 2 8

Item 2.

Enter Borrower’s
Do not skip lines.
J
Example:
P
R

Name and Address. Enter name(s) and address on separate lines. Enter the city and state on same line abbreviating the state to two characters.
The zip code is alone on the last line.
O H N S O N
J A M E S
O
B O X
2 1 7
A Y T O W N
M S

6
Item 3.

5

1

2

3

ZIP CODE

Enter applicable Borrower’s Type Code. Example:
01
02
03
04
05
06

0

1

= Individual
= Corporation
= Proprietorship
= Coperative
= Public Body
= Partnership

Item 4.

Enter the lender’s Internal Revenue Service Tax Identification Number.
0 7 6 5 4 3 2 5 6 9

Item 5.

Enter the applicable Lender Status Code. Example:

07
08
09
10
11
12

= Other
= Indian Tribe
= Trust
= Limited Partnership
= Association of Farmers
= Organization of Farm Workers

07
08
09
10
11

=
=
=
=
=

2

LENDER STATUS CODES
1 = Approved
2 = Eligible
3 = Certified
Item 6.

4 = Preferred

Enter the applicable Lender type Code. Example:

0

1

LENDER TYPE CODES
01
02
03
04
05
06

=
=
=
=
=
=

Commercial Bank
Mortgage Loan Co.
Insurance Co.
Production Credit Assn.
Federal Land Bank
Credit Union

Savings & Loan
Banks for COOPS
Small Business Investment Co.
Broker
Other

Item 7.

Enter the date the lender’s certification became effective. Completed only if Lender’s Status Code (item 5) is 3.
Example:
1 0 - 1 5 - 9 3

Item 8.

Enter the date the lender’s certification expires. Completed only if item 7 is valued.
Example:
1 0 - 1 5 - 9 3

Item 9.

Enter Lender’s Name and Address. Enter name(s) and address on separate lines. Enter the city and state on same line abbreviating the state to two characters.
Do not skip lines. The zip code is alone on the last line.
C O O P E R T O W N
B A N K
Example:
1 8 9 2
E A S T
P I N E
S T R E E T
R A Y T O W N
M S
6

Item 10.

5

1

2

3

ZIP CODE

Enter the applicable Agency Servicing Office.

Form RD 1980-19
(Rev. 02-02)

Item 11.

Enter the applicable Source of Funds code. Example:

6

SOURCE OF FUNDS CODES
1
2
3
4
5
6
7
8
9
Item 12.

=
=
=
=
=
=
=
=
=

New Guaranteed Loan (includes all loan types)
Reserved (used for Direct Loan programs)
Reserved
Reserved
Consolidation of Guaranteed Loans Without Interest Assistance
New Guaranteed FLP Loan with Interest Assistance
FLP Interest Assistance Only
New Guaranteed SFH Loan with Interest Assistance
New Guaranteed B&I Loan with Interest Rate Buydown

Enter the applicable Interest Assistance code. Used for Single Family Housing loans only. Example:

1

1 = Eligible for Interest Assistance Program
2 = Ineligible for Interest Assistance Program
NOTE: Only enter 2 if the borrower does not qualify for the Interest Assistance Program at the time of loan closing, and the borrower will not be eligible for interest
assistance during the remaining life of the loan. You should enter 1, if the borrower is eligible to participate in the Interest Assistance Program even though he may
not be receiving interest assistance at the time of loan closing.
Item 13.

Enter the Guarantee Fee Purpose Code. Leave blank if Source of Funds code (item 11) is input as 7 (FP Interest Assistance Only).
GUARANTEE FEE PURPOSE CODES
1
2
3
4
5
6
7

=
=
=
=
=
=
=

Substitution
Extension
Initial Closing—Fee
Second Half Payment
Consolidation (No Fee on Consolidated Loans)
Reserved
Initial Closing—No Fee

NOTE: If consolidating loans (item 13 equals 5), all loans must be closed. This form will not close and consolidate loans at the same time.
Item 14.

Enter 4.0 if the guarantee fee purpose code equals 6 (item 13). Otherwise, leave blank.
Example: 1 1/12 percent =
0 1 5 0 0

Item 15.

Enter amount of Guarantee Fee to be Paid with this report.
Examples of the computations for each Guaranteed Fee Purpose Code (item 13) are given below:
Item 13 equals 1 (Substitution)
Balance Owed on loan (Item 30)
Percent of Guarantee (Item 21)

46,928.52
x
.90

Total
One Percent

42,235.67
x
.01

Guarantee Fee

422.36

Item 13 equals 2 (Extension)—The guarantee fee should equal 1/2 of 1 percent of the principal balance on the loan if maturity date is 1 year or less. The guarantee fee
should equal 1 percent if the maturity date is greater than 1 year with the option that 1/2 of the fee may be paid as of the date of the Extension (Renewal) and second half
payable in a single installment within 1 year and 10 days.
LOAN MATURING IN 1 YEAR OR LESS:
Balance owed on Loan (Item 30)
1/2 of One Percent
Guarantee Fee

46,928.52
x
.005
234.64

LOAN MATURING IN MORE THAN 1 YEAR:
Balance owed on Loan (Item 30)
One Percent
Guarantee Fee

46.928.52
x
.01
469.29

Item 13 equals 3 (Initial Closing)—The guarantee fee should equal the guarantee rate multiplied by the guaranteed portion of the loan. Example:
Amount of Loan (Item 16)
Percent of Guarantee (Item 21)
Total
One Percent
Guarantee Fee

50,000.00
x
.90
45,000.00
x
.01
450.00

Item 13 equals 4 (Second Half Payment)—The guarantee fee is the second 1/2 of the extension payment. Computations to check this are not necessary.
Item 13 equals 5 (Consolidation)—There is no fee required. Leave Item 15 blank.
Item 13 equals 7 (Initial Closing—No Fee)—There is no fee required. Leave Item 15 blank.
Item 16.

Enter the amount of loan as follows:
(A) Enter the full amount of the loan for new loans or for new loans with buydown or interest assistance.
(B) Enter the principal balance of an existing loan when establishing interest assistance on an existing loan.
(C) Enter the full amount of an existing line of credit if the interest assistance is established during the period of advances.
Otherwise, enter the principal balance. Example:

Form RD 1980-19
(Rev. 02-02)

Original Line of Credit Amount
Length of Loan
Period of Advances
Establishing Interest Assistance in Year
Establishing Interest Assistance in Year
Establishing Interest Assistance in Year
Current Principal Balance in Year 4
Establishing Interest Assistance in Year

1 enter
2 enter
3 enter
4 enter

$100,000.00
7 years
3 years
$100,000.00
$100,000.00
$100,000.00
$76,450.00
$76,450.00

NOTE: THE AMOUNT ENTERED IN THIS ITEM MUST MATCH THE AMOUNT OBLIGATED.
Item 17.

Enter cumulative loan advances as of date of loan closing. If loan is fully advanced, enter amount of loan. If a line of credit, enter current unpaid principal balance.
If no advances have been made, enter 0.00. Example: $
3 5 0 0 0
0 0

Item 18.

Enter the closing date. The date will be the date of loan for new loans or the effective date of the buydown or interest assistance for existing loans.

Item 19.

Enter the maturity date of the loan.

Item 20.

For Farm Loan Program loans with Interest Assistance only, enter the term or length of the Interest Assistance Program in years. Must equal 1 - 10.
Leave blank for all other loans.

Item 21.

Enter the percent of loan guarantee as determined by Agency Instructions.
Example:
0 9 0 0 0 0 0

Item 22.

Enter the lender’s interest rate on the guaranteed portion of the loan prior to any interest rate reduction due to buydown, interest assistance, or subsidy.
For Rural Housing loans, enter the note rate.

Item 23.

Enter the rate that will be used to compute the interest charged to the borrower on the nonguaranteed portion of the note prior to any interest rate reduction due to
buydown, interest assistance, or subsidy. For Rural Housing Loans, enter the note rate.

Item 24.
Item 25.

Enter 4.0.
For Farm Loan Program Operating Lines of Credit only (Type of Guarantee in Item 27 is input as 1), enter the length of the operating line of credit in years. Must
equal 1, 2, 3, 4, or 5. Leave blank if Type of Guarantee in Item 27 is input as 2.

Item 26.

Reserved

Item 27.

Enter the applicable type of guarantee. Line of credit loans are coded 1; all others are 2.

Item 28.

Enter the interest basis. (number of days: 360 or 365)

Item 29.

Enter the applicable interest rate code. Multi-rates could involve different interest rates on the guaranteed portion and the unguaranteed portion of the loan.
Example:
1

•

•

Item 30.

Enter the principal balance owed on loan as of substitution or extension date (Item 13 equals 1 or 2). In all other cases leave this item blank.

Item 31.

Enter the ending date of the previous guarantee period if Item 13 equals 2 (Extension). In all other cases leave this item blank.

Item 32.

If Item 13 equals 2, enter the date the guarantee period ends. The guarantee fee period is 1 year for loans repayable in 1 year or less; 3 years for loans for operating
purposes repayable in more than 1 year; and 5 years for loans for real estate purposes repayable in more than 1 year.
Example:
0 9 – 3 0 – 9 5
If Item 13 equals 3, 5, 6, or 7, and the guarantee period is shorter than the length of the loan, enter the date the guarantee period ends. In all other cases, this item
is blank.

Item 33.

Enter the First Annual Review Date on this loan (FLP and SFH Loans with Interest Assistance Only)
For Annual Payment loan this should be the First Annual Payment Due Date.
For all other loans, this will be the date established by the lender as being the last day of the first period of interest assistance and will be the date
in block 23 in the Interest Assistance Agreement, Form RD 1980-64, or Form FSA 1980-64.
This date must be no more than 12 months from the closing date of the note. Once established, all future claims and reviews will be made effective on the
anniversary of this date each year.

Item 34.

Identify whether this is a Certified Loan.

Item 35.

Enter the authorized lender’s signature. THIS FORM WILL BE RETURNED IF IT IS NOT SIGNED.

Item 36.

Enter the title of the person authorized to sign this form.

Item 37.

Enter the date signed by the lender’s representative.

Item 38.

The guaranteed loan number will be automatically assigned when the loan closing processes. After the closing processes, enter the LOAN NUMBER from the
Guaranteed Loan Account Information (GL) Screen.

Item 39.

Enter the obligation loan number (LNUM on the Unclosed Status (UN) Screen). Required for all loans except for consolidations.

Item 40.

Enter the Agency assigned lender branch number. Verify that this branch number is correct for the name and address shown in item 9 using the Lender Cross Reference.

Item 41.

FINANCE OFFICE USE ONLY. The Finance Office will enter the deposit date for corrections to the deposit fund.

Item 42.

Enter the authorized Agency signature.

Item 43.

Enter the title of the person authorized to sign this form.

Item 44.

Enter the date signed.

Form RD 1980-19
(Rev. 02-02)