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The lender must provide evidence the loan was properly closed and remit the upfront loan guarantee fee and the USDA technology fee within 30 days of closing the loan. Requests received more than 30 days after loan closing will be considered, however the submission must include a payment history verifying the loan is current, as well as certification that all required escrow accounts are current and neither the lender nor another interested party provided funds to bring and/or keep the mortgage current to obtain the Loan Note Guarantee. A Loan Note Guarantee will not be issued beyond 30 days of the loan closing if the account is in default at the time of the Loan Note Guarantee request.
Approved lenders must submit all guaranteed loan closing transactions to the Agency electronically via the Lender Loan Closing (LLC) system.
Lenders are required to execute and submit a Lender Loan Closing User Agreement to the Agency prior to gaining access to the system. Individual user access requires a validated eAuthentication ID and password (formerly Level 2). User guides for gaining access to and using the LLC system can be found at https://www.rd.usda.gov/resources/usda-linc-training-resource-library.
Lenders must upload the following documentation in the LLC system to receive a Loan Note Guarantee:
x Final Closing Disclosure. The closing date listed on the Closing Disclosure must
be entered on the GLS “Add/Update Loan Closing” screen. The Closing Disclosure is not required to be signed;
x Promissory Note; and
x Any other necessary documentation as specified in the Conditional Commitment.
In addition to uploading documentation, lenders are required to enter basic loan closing information (e.g. loan closing date, promissory note amount, etc.) into the system and authorize electronic payment of the upfront guarantee fee and the USDA technology fee through the Pay.gov interface.
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HB 1-3555