The Form RD 1980-11, approved by the United States Department of Agriculture Rural Development and the Rural Housing Service (RHS), serves as a crucial document for the administration of Guaranteed Rural Housing (GRH) loans. This form is specifically designed to facilitate the change of lender records, encompassing the transfer of loans and/or loan servicing from one lender to another within the bounds of RHS-approved parameters. As a key process in managing the lifecycle of GRH loans, this document requires meticulous completion by the transferring lender, which includes providing detailed information about both the transferor and the holding lender, along with the servicing lender post-transfer and comprehensive borrower information. The form plays a vital role in ensuring that RHS-approved loans are correctly transferred, maintaining the integrity and continuity of loan servicing. By mandating that all sections - from A to D - are filled out accurately and accompanied by a signature from the authorized lender representative, the USDA strives for a seamless transition of responsibilities. This not only helps in keeping the loan records up-to-date but also assists in smooth transitions, preventing potential disruptions for borrowers. Additionally, the form adheres to the Paperwork Reduction Act of 1995, aiming to minimize the administrative burden on lenders while adhering to federal guidelines for rural housing loans.
| Question | Answer |
|---|---|
| Form Name | Form Rd 1980 11 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | fillable rd form 1980 11, 198011, form rd 1980 11, rd 1980 11 |
FORM APPROVED |
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Form RD |
OMB NO. |
(Rev. |
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UNITED STATES DEPARTMENT OF AGRICULTURE |
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RURAL DEVELOPMENT |
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RURAL HOUSING SERVICE (RHS) |
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GUARANTEED RURAL HOUSING (GRH) |
Guaranteed Rural Housing Lender Record Change
(See reverse side for Instructions)
MAIL TO:Guaranteed Loan Branch
Rural Development, USDA
Attn: FC 350
PO Box 200011
St. Louis, MO
Effective Date of Transfer: _______________________________
All Blocks,
A.Transferor (The Lender who is transferring the loan(s) and/or servicing of the loan(s). i.e. where the loan is being transferred from):
Lender Tax ID: _____________________________________USDA Assigned Branch Number: _____________
Lender Name: _________________________________________________________________________________________________________
Address: _____________________________________________________________________________________________________________
City: __________________________________ |
State: __________ |
Zip Code: _________________ |
B.Holding Lender (The RHS approved Lender who will be holding/owning the mortgage note after the effective date of transfer; i.e. Fannie Mae, Freddie Mac, etc., not Ginnie Mae; See Instructions on back):
Lender Tax ID: _____________________________________Agency Assigned Branch Number: _____________
Lender Name: _________________________________________________________________________________________________________
Address: _____________________________________________________________________________________________________________
City: __________________________________ |
State: __________ |
Zip Code: _________________ |
C.Servicing Lender (The lender that will be servicing the loan(s) after the effective date of transfer):
Lender Tax ID: _____________________________________Agency Assigned Branch Number: ______________
Lender Name: _________________________________________________________________________________________________________
Address: _____________________________________________________________________________________________________________
City: __________________________________ |
State: __________ |
Zip Code: _________________ |
D. Borrower Information (If more than one (1) borrower, you may attach a list with all of the following information):
Borrower’s Social Security Number: _______________________________
Pool
This Loan was securitized into a Ginnie Mae
(Mark an X in the box if loan is securitized into a Ginnie Mae pool)
Borrower’s Name: _____________________________________________________________________________________________________
Address: _____________________________________________________________________________________________________________
City: __________________________________ |
State: __________ |
Zip Code: ___________________ |
As the lender selling or transferring the servicing of the above loan(s), We certify that the information in this submission is true and correct, and that all loans sold were sold to an RHS approved lender.
____________________________________________________ |
________________________________ |
(Signature of Authorized Lender Representative/Official) |
Date |
____________________________________________________ |
(________)_______________________ |
(Please PRINT Authorized Lender Representative/Official’s Name) |
Telephone Number |
According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person is not 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
Instructions for Completing Form RD
All items on this form are required to be completed by the transferor. The transferor is the lender who is selling the loan(s) to an RHS approved lender and/or transferring the servicing of the loan(s) to another lender.
-Mail all completed forms and any attachments to the address printed on the form.
-Complete the date the transfer becomes effective in the space above block A.
All blocks, A through D must be completed.
Block A:
This block should indicate the lender that is transferring the loan servicing to another lender or is selling the loan to another RHS approved lender or investor.
Block B:
This block should indicate the lender or investor that will actually own the loan (mortgage note) as of the effective date of transfer. DO NOT put Ginnie Mae as a holding lender as Ginnie Mae does not hold the mortgage note. Any lender or investor must be RHS approved to own loans guaranteed by RHS.
Block C:
This block should indicate the lender that will be servicing the loan after the effective date of transfer. It may be the holder of the mortgage note or it may be another lender that does the servicing for the holder of the mortgage note.
Block D:
This block should contain the information on the specific loan being transferred. If more than one loan is being transferred, and Blocks
A signature of the transferor lender’s authorized representative or official is required. The official’s name must also be printed and a telephone number provided in case of questions concerning the transfer.