Provided pursuant to 7 C.F.R. § 3555.107(i) and RD HB-1-3555, ch. 10 & 15, Form RD 3555-21 discloses (in Section 6) a breakdown of the amounts which loan funds will be applied to (e.g., principal amount, financed loan costs, etc.), including the guarantee fee.
Currently, we are using field “USDA/RD Guarantee Fee” (FI 45813) for disclosing the amount of the guarantee fee. Based partially on informal guidance provided by the USDA concerning the relationship between the amount disclosed and USDA’s Guaranteed Underwriting System, we will be substituting this field with “N: PMI, MIP, Funding Fee Financed / LLI – I: MI” (FI 27029).
This change will take effect on December 2, 2020. Questions or concerns about this change may be directed towards Client Support at 1.800.497.3584.
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