Loan approval and issuing the guarantee.

CFR · 2024-01-01 · US · Title 7

(a) (2) CLP and PLP lenders. (i) Complete applications from CLP or PLP lenders will be approved or rejected not later than 14 calendar days after receipt. (ii) For PLP lenders, if the 14 day time frame is not met, the proposed guaranteed loan will automatically be approved, subject to funding, and receive an 80 or 95 percent guarantee for FO or OL loans, and 80 or 90 percent guarantee for CL, as appropriate. (3) Complete applications. For purposes of determining the application processing timeframes, an application will be not be considered complete until all information required to make an approval decision, including the information for an environmental review, is received by the Agency. (4) The Agency will confirm the date an application is received with a written notification to the lender. (b) (1) An application from a veteran (2) An application from an Agency direct loan borrower (3) An application from a applicant who: (i) Has a dependent family, (ii) Is an owner of livestock and farm implements necessary to successfully carry out farming operations, or (iii) Is able to make down payments. (4) Any other approved application. (c) (2) The lender, after reviewing the conditions listed on the conditional commitment, will complete, execute, and return the form to the Agency. If the conditions are not acceptable to the lender, the Agency may agree to alternatives or inform the lender and the applicant of their appeal rights. (d) (i) No major changes have been made in the len

official document · source cfr-2024 · id 7:§ 762.130