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14.7 AGENCY ACTION – REQUEST FOR RESTORATION OF FUNDS
The Guaranteed Loan Division Lender Reporting Section (GLDLRS) of the Servicing Office in St. Louis, Missouri will review and approve/deny all restoration of funds requests. The following is required to submit a request for restoration of funds:
1. A fully completed Request for Restoration of Funds from a Prior Fiscal Year form.
x Agency personnel will complete the form electronically via Adobe.
x The form will be electronically signed with the employee’s LINC Pass (PIV)
card.
x The form should be saved (not printed and scanned).
x Find the fillable form on the Agency’s SharePoint site at
https://usdagcc.sharepoint.com/sites/rd_hcfp/SFH1/GRH/OPD. Click on Policies and Procedures, then Templates to access the Restoration of Funds form.
2. A copy of all Conditional Commitments issued for the loan.
3. If the Agency extended the Conditional Commitment, documentation pertaining to the lender’s request and the Agency’s approval must be included with the restoration request. Dates are required.
4. A detailed explanation must be entered on the form to indicate whether the Agency or lender is at fault.
5. If the restoration request is for a higher obligation amount than the original obligation, then additional document is required. The Agency must demonstrate that the loan request was reviewed for repayment at the higher amount and the loan amount does not exceed the maximum amount based on the property’s appraised value.
6. If the lender did not comply with regulatory requirements and a restoration of funds from the prior fiscal year is being requested, an exception to the regulatory requirement will be required. Submit a request in accordance with Chapter, Section 1.9 of this Handbook. A copy of the approved exception must be submitted with the request for a restoration of funds
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7. Completed Request for Restoration of Funds from a Prior Fiscal Year form and all documentation must be submitted electronically to the GLDLRS within the Servicing Office in St. Louis at rd.so.hsb@usda.gov.