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USDA/RHS

RIN: 0575-AB52

Publication ID: Spring 1996

Title: 1927-B Real Estate Title Clearance and Loan Closing
Abstract: Attorney and title companies close Rural Housing Service (RHS) and Farm Service Agency (FSA) loans, provide title clearances, and disburses RHS/FSA loan funds. In order to protect the security of the Government in the execution of these functions, RHS/FSA requires them to have in full force and effect, an acceptable liability insurance policy for errors and omissions, deductible and appropriate level of fidelity coverage in the amount prescribed by RHS/FSA. If the attorney or the title company wishes to close RHS/FSA loans and has a larger deductible or lower insurance liability coverage, the State Director has to obtain authorization or exception from the National Office. The process is cumbersome and requires a great amount of paperwork and time. The use of Title Insurance is encouraged to be required by State Directors. This would eliminate the need for liability insurance bond coverage, and provide better protection for the government.
Agency: Department of Agriculture(USDA)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Completed Actions
CFR Citation: 7 CFR 1927 subpart B 7 CFR 2.23 7 CFR 2.70
Legal Authority: 42 USC 1480 5 USC 301 7 USC 1989

Timetable:

Action	Date	FR Cite
NPRM	05/11/1994	59 FR 24362
NPRM Comment Period End	07/11/1994	59 FR 24362
Final Action	03/22/1996	61 FR 11709
Final Action Effective	04/22/1996

Additional Information: RFA: N
Regulatory Flexibility Analysis Required: Yes	Government Levels Affected: Undetermined
Small Entities Affected: Businesses
Included in the Regulatory Plan: No
Agency Contact: Walt Patton Senior Loan Specialist, Single Family Housing Department of Agriculture Rural Housing Service Room 5338, South Building, STOP 3225, Washington, DC 20250 Phone:202 720-0099