Single Family Housing Guaranteed Loan Program

Published date22 July 2019
Citation84 FR 35003
Record Number2019-15450
SectionRules and Regulations
CourtRural Housing Service
Federal Register, Volume 84 Issue 140 (Monday, July 22, 2019)
[Federal Register Volume 84, Number 140 (Monday, July 22, 2019)]
                [Rules and Regulations]
                [Pages 35003-35007]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2019-15450]
                ========================================================================
                Rules and Regulations
                 Federal Register
                ________________________________________________________________________
                This section of the FEDERAL REGISTER contains regulatory documents
                having general applicability and legal effect, most of which are keyed
                to and codified in the Code of Federal Regulations, which is published
                under 50 titles pursuant to 44 U.S.C. 1510.
                The Code of Federal Regulations is sold by the Superintendent of Documents.
                ========================================================================
                Federal Register / Vol. 84, No. 140 / Monday, July 22, 2019 / Rules
                and Regulations
                [[Page 35003]]
                DEPARTMENT OF AGRICULTURE
                Rural Housing Service
                7 CFR Part 3555
                RIN 0575-AD10
                Single Family Housing Guaranteed Loan Program
                AGENCY: Rural Housing Service, USDA.
                ACTION: Final rule.
                -----------------------------------------------------------------------
                SUMMARY: The Rural Housing Service (RHS or Agency) published a proposed
                rule on June 20, 2018 to amend the current regulation for the Single-
                Family Housing Guaranteed Loan Program (SFHGLP) Single Close
                Combination Construction to Permanent Loans (aka ``single close
                loans''), and now adopts the proposed changes in this final rule with
                some modifications. As proposed, the Agency will amend the regulation
                to ease the financial costs of interim construction financing for non-
                depository lenders (warehouse line of credit lenders or warehouse
                lenders) by allowing a temporary interest rate higher than the
                permanent note rate for interim construction financing, remove the
                requirement for loan modification or re-amortization once construction
                is complete, and allow for the reserve of regularly scheduled
                principal, interest, taxes and insurance (PITI) payments during the
                construction period. The final rule clarifies that the PITI reserve is
                an eligible use of single close loan funds. In addition, based on
                comments received, the Agency will allow single close loans for the
                rehabilitation of existing dwellings upon their purchase and eliminate
                maximum interest rate cap requirements for all SFHGLP loans. For
                clarity and completeness, the final rule also provides a definition of
                a warehouse lender and updates lender mortgage record retention
                requirements.
                DATES: Effective on August 21, 2019.
                FOR FURTHER INFORMATION CONTACT: Kate Jensen, Finance and Loan Analyst,
                Single Family Housing Guaranteed Loan Division, STOP 0784, Room 2250,
                USDA Rural Development, South Agriculture Building, 1400 Independence
                Avenue SW, Washington, DC 20250-0784, telephone: (503) 894-2382, email
                is [email protected].
                SUPPLEMENTARY INFORMATION:
                Executive Order 12866, Classification
                 This rule has been determined to be non-significant and therefore
                was not reviewed by the Office of Management and Budget (OMB) under
                Executive Order 12866.
                Executive Order 12988, Civil Justice Reform
                 This final rule has been reviewed under Executive Order 12988,
                Civil Justice Reform. Except where specified, all State and local laws
                and regulations that are in direct conflict with this rule will be
                preempted. Federal funds carry Federal requirements. No person is
                required to apply for funding under SFHGLP, but if they do apply and
                are selected for funding, they must comply with the requirements
                applicable to the Federal program funds. This final rule is not
                retroactive. It will not affect agreements entered into prior to the
                effective date of the rule. Before any judicial action may be brought
                regarding the provisions of this rule, the administrative appeal
                provisions of 7 CFR part 11 must be exhausted.
                Unfunded Mandates Reform Act
                 Title II of the Unfunded Mandates Reform Act of 1995 (UMRA), Public
                Law 104-4, establishes requirements for Federal agencies to assess the
                effect of their regulatory actions on State, local, and tribal
                governments and the private sector. Under section 202 of the UMRA, the
                Agency generally must prepare a written statement, including a cost-
                benefit analysis, for proposed and final rules with ``Federal
                mandates'' that may result in expenditures to State, local, or tribal
                governments, in the aggregate, or to the private sector, of $100
                million, or more, in any one year. When such a statement is needed for
                a rule, section 205 of the UMRA generally requires the Agency to
                identify and consider a reasonable number of regulatory alternatives
                and adopt the least costly, most cost-effective, or least burdensome
                alternative that achieves the objectives of the rule.
                 This final rule contains no Federal mandates (under the regulatory
                provisions of Title II of the UMRA) for State, local, and tribal
                governments or the private sector. Therefore, this rule is not subject
                to the requirements of sections 202 and 205 of the UMRA.
                Environmental Impact Statement
                 This document has been reviewed in accordance with 7 CFR part 1970,
                subpart A, ``Environmental Programs.'' It is the determination of the
                Agency that this action does not constitute a major Federal action
                significantly affecting the quality of the human environment, and, in
                accordance with the National Environmental Policy Act of 1969, Public
                Law 91-190, neither an Environmental Assessment nor an Environmental
                Impact Statement is required.
                Executive Order 13132, Federalism
                 The policies contained in this rule do not have any substantial
                direct effect on States, on the relationship between the national
                government and States, or on the distribution of power and
                responsibilities among the various levels of government. Nor does this
                rule impose substantial direct compliance costs on State and local
                governments. Therefore, consultation with the States is not required.
                Regulatory Flexibility Act
                 In compliance with the Regulatory Flexibility Act (5 U.S.C. 601 et
                seq.) the undersigned has determined and certified by signature of this
                document that this rule change will not have a significant impact on a
                substantial number of small entities. This rule does not impose any
                significant new requirements on Agency applicants and borrowers, and
                the regulatory changes affect only Agency determination of program
                benefits for guarantees of loans made to individuals.
                Executive Order 13175, Consultation and Coordination With Indian Tribal
                Governments
                 Executive Order 13175 imposes requirements on RHS in the
                development of regulatory policies that have Tribal implications or
                preempt tribal laws. RHS has determined that the final rule does not
                have a substantial direct effect on one or more Indian Tribe(s) or on
                either the relationship or the distribution of powers and
                responsibilities between the Federal Government and Indian Tribes.
                Thus,
                [[Page 35004]]
                this final rule is not subject to the requirements of Executive Order
                13175. If a Tribe determines that this rule has implications of which
                RHS is not aware and would like to engage with RHS on this rule, please
                contact USDA's Native American Coordinator at (720) 544-2911 or
                [email protected].
                Executive Order 12372, Intergovernmental Review of Federal Programs
                 These loans are subject to the provisions of Executive Order 12372,
                which require intergovernmental consultation with State and local
                officials. RHS conducts intergovernmental consultations for each SFHGLP
                loan in accordance with 2 CFR part 415, subpart C.
                Programs Affected
                 The program affected by this regulation is listed in the Catalog of
                Federal Domestic Assistance under Number 10.410, Very Low to Moderate
                Income Housing Loans (Section 502 Rural Housing Loans).
                Paperwork Reduction Act
                 The information collection and record keeping requirements
                contained in this regulation have been approved by OMB in accordance
                with the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35). The
                assigned OMB control number is 0570-0179.
                E-Government Act Compliance
                 The Agency is committed to complying with the E-Government Act, to
                promote the use of the internet and other information technologies to
                provide increased opportunities for citizen access to Government
                information and services, and for other purposes.
                Non-Discrimination Policy
                 In accordance with Federal civil rights law and U.S. Department of
                Agriculture (USDA) civil rights regulations and policies, the USDA, its
                Agencies, offices, and employees, and institutions participating in or
                administering USDA programs are prohibited from discriminating based on
                race, color, national origin, religion, sex, gender identity (including
                gender expression), sexual orientation, disability, age, marital
                status, family/parental status, income derived from a public assistance
                program, political beliefs, or reprisal or retaliation for prior civil
                rights activity, in any program or activity conducted or funded by USDA
                (not all bases apply to all programs). Remedies and complaint filing
                deadlines vary by program or incident.
                 Persons with disabilities who require alternative means of
                communication for program information (e.g., Braille, large print,
                audiotape, American Sign Language, etc.) should contact the responsible
                Agency or USDA's TARGET Center at (202) 720-2600 (voice and TTY) or
                contact USDA through the Federal Relay Service at (800) 877-8339.
                Additionally, program information may be made available in languages
                other than English.
                 To file a program discrimination complaint, complete the USDA
                Program Discrimination Complaint Form, AD-3027, found online at http://www.ascr.usda.gov/complaint_filing_cust.html and at any USDA office or
                write a letter addressed to USDA and provide in the letter all of the
                information requested in the form. To request a copy of the complaint
                form, call (866) 632-9992. Submit your completed form or letter to USDA
                by:
                 (1) Mail: U.S. Department of Agriculture, Office of the Assistant
                Secretary for Civil Rights, 1400 Independence Avenue SW, Washington, DC
                20250-9410;
                 (2) Fax: (202) 690-7442; or
                 (3) Email: [email protected].
                 USDA is an equal opportunity provider, employer, and lender.
                Background Information
                 The Agency is amending its regulations to provide increased
                flexibility in loan terms to facilitate and encourage single close
                loans, which will stimulate new construction, rehabilitation, and
                homeownership in rural areas. Currently, warehouse lenders have
                considerable difficulty making affordable guaranteed single close loans
                because of the inability to cover construction costs and make payments
                to secondary market investors during the construction period. The
                proposed rule (83 FR 28547) sought to address these challenges through
                the following:
                 Allow warehouse lenders the flexibility to charge a
                temporary and higher interest rate to cover their line of credit costs
                during construction as an eligible loan purpose. The temporary higher
                interest rate for the single close loan program would be limited to the
                construction period and must revert to the underlying promissory note
                rate or lower for the balance of the loan.
                 Permit all lenders to create a reserve account for a up to
                12 months of a borrower's regularly scheduled PITI payments from the
                original loan closing to make the loan payments during the construction
                period. This would make the process more affordable to the borrower who
                will not have to make both their existing housing payment and the
                construction loan payment at the same time during construction. While
                this change is available to all lenders, it will be predominantly
                utilized by those lenders who immediately securitize a loan after loan
                closing. The PITI reserve is intended solely for the use of making the
                borrower's fully amortized PITI payment during the construction period.
                The PITI reserve cannot be combined with any other reserve account and
                should any funds remain in the PITI reserve after construction is
                complete the lender is required to apply the excess funds as a
                principal payment.
                 Remove the requirement for a loan modification or re-
                amortization at the end of the construction period, allowing loans to
                remain in mortgage backed securities without interruption.
                 In addition to adopting the proposed changes above, the final rule
                also makes several other changes based on comments received in response
                to the proposed rule. First, single close loan purposes will include
                rehabilitation when the property being purchased requires
                rehabilitation to meet program standards. Second, the final rule adds
                the definition of a warehouse lender. Third, the final rule updates
                lender mortgage record retention requirements to include single close
                construction documentation. Lastly, the final rule will update the
                regulation to eliminate the maximum interest rate cap for all SFHGLP
                loans to allow lenders the increased ability to extend credit to
                eligible applicants. This change is based on comments received in
                response to the proposed rule as well as the Request for Information
                (RFI) on August 17, 2018 (83 FR 41056) reduction or elimination of the
                interest rate cap.
                 These actions are taken to provide low- and moderate-income
                households in rural areas greater opportunities to acquire affordable
                newly constructed homes or rehabilitate an existing home, provide
                greater cost efficiency during construction, and increase viability in
                the secondary mortgage markets. These changes will expand affordable
                housing opportunities for rural borrowers and local builders as well as
                the economic viability of rural communities. Each change and Agency
                response to any comments to the proposed rule is discussed below.
                Topics are addressed below in order of appearance in the regulation,
                not based in order of predominance.
                Sec. 3555.104 Loan Terms
                 Nine respondents fully supported the Agency's proposal to add
                provisions allowing an increased interest rate for interim construction
                financing during
                [[Page 35005]]
                the construction period. This provision will increase participation in
                the single close loan program by lenders who utilize a warehouse line
                of credit during construction.
                 One respondent replied unfavorably to the Agency's proposal to
                allow a higher rate of interest during the construction period,
                expressing concern that the current interest rate cap should stay in
                place to ensure customers falling within the lower income brackets have
                a chance at becoming homeowners. The Agency appreciates the comment;
                however, if warehouse lenders cannot recover their construction costs,
                they will not make such loans at all, since the current regulations are
                too restrictive. The changes do not take away existing loan
                opportunities from customers--rather, the changes allow single close
                loans to become available to more borrowers. In addition, lenders must
                still underwrite loans in accordance with existing regulations and
                guidance on applicant income, debt ratios, repayment ability, and other
                aspects that contribute to affordable loans and successful
                homeownership. Loans are also subject to the disclosure requirements of
                the Real Estate Settlement Procedures Act (RESPA) and the Truth in
                Lending Act (TILA).
                 Allowing the higher interest rate during the construction period
                will expand opportunities for warehouse lenders to participate in the
                SFHGLP increasing competition in the marketplace. Encouraging new
                construction increases affordable housing opportunities in rural
                communities removing barriers to homeownership for low- to moderate-
                income applicants. The higher interest rate would be for a limited time
                and amortized on the loan advances, not the entire loan amount, and the
                interest costs can be included as an eligible loan purpose.
                 Therefore, the Agency is finalizing the proposal to allow a higher
                interest rate for warehouse lender interim construction financing
                accrued during the construction period up to twelve months. The
                interest rate must revert to a rate that is no higher than the
                promissory note rate once the construction period has ended. The Agency
                clarifies in the final rule that the higher interest rate for interim
                construction financing is only available for loans made by warehouse
                lenders. In addition, the Agency retains the authority to establish a
                maximum interest rate in the handbook as necessary to further program
                goals and protect the best interest of the government.
                 Two respondents recommended the Agency to raise or remove the
                maximum interest rate cap program wide for all SFHGLP loans, not just
                for the single close loans. Both respondents commented that raising or
                removing the current interest rate cap provides lenders the flexibility
                to offer reasonable rates to their clients or participate in a
                concurrent affordable housing product offered by a Housing Finance
                Agency (HFA). In response to the RFI which sought opinion regarding the
                reduction or elimination of the interest rate cap for all SFHGLP loans,
                most comments were in favor of eliminating the interest rate cap,
                citing the inability of the HFAs to adequately price the SFHGLP
                product. The Agency agrees with the comments and will revise section
                3555.10 and 3555.104(a)(3) to eliminate the maximum interest rate cap,
                and instead require approved lenders and borrowers to negotiate the
                best interest rate in compliance with all applicable laws. The change
                is also consistent with policies of other federal mortgage credit
                programs, such as the Department of Veterans Affairs and Department of
                Housing and Urban Development. All loans must still meet program
                underwriting requirements and are subject to RESPA and TILA.
                Sec. 3555.105 Combination Construction and Permanent Loans
                 Nine respondents fully supported the Agency's proposal to allow a
                reserve of up to 12 months of the borrower's regularly scheduled PITI
                payments during the construction period.
                 The proposed rule used ``reserve'' and ``escrow'' interchangeably
                when discussing this PITI account. Based on feedback regarding industry
                standards, the final rule refers to the PITI account as a ``reserve'',
                not an ``escrow''. The PITI reserve is separate from the construction
                escrow and the two accounts must not be combined.
                 One respondent supported the regulation changes for the single
                close option but requested clarification on fair market appraisal value
                and the appraiser's ability to use the cost approach to determine fair
                market value. The respondent expressed concern that the inclusion of a
                reserve account for twelve months PITI payments as an eligible loan
                cost could potentially increase the loan amount over the fair market
                appraised value, forcing the borrower to incur out of pocket expenses.
                The Agency agrees that in some circumstances the home may not appraise
                for the full value of the dwelling and construction. In such cases, a
                conditional commitment will not be issued, the loan will not be closed,
                construction will not be initiated, and the borrower will not incur out
                of pocket expenses; however, when the appraiser has been fully informed
                of all the hard and soft costs for the new construction, including any
                reserves, the homes are more likely to appraise for the complete cost
                or value of the new construction. No change is made to the provision.
                 One respondent requested the Agency to allow the use of the cost
                approach to determine the fair market value of single close
                construction properties. The respondent believes the appraiser should
                determine if the cost approach or sales comparison approach will best
                determine property value. Currently, the Agency considers the sales
                comparison approach (also referred to as the market value approach) as
                the principal method for appraisers to determine their opinion of
                value. However, the Uniform Standards of Professional Appraisal
                Practices (USPAP) also provide for appraisers to use the cost approach
                to value. The Agency agrees the cost approach is a useful tool for
                appraisers to use. While the current regulation can encompass both cost
                approach and sales comparison approach, the Agency will update Sec.
                3555.105(d)(2) to reiterate that appraisals must be conducted in
                accordance with USPAP and clarify in the handbook that either the cost
                or market value approach is acceptable. No other change is made in this
                provision.
                 One respondent requested the Agency to provide clear guidance
                addressing the collection and financing of the PITI reserve account
                along with any refund policy for the PITI reserve account should the
                property sell within twelve months. Typically, a property will not be
                sold within the construction period without extenuating circumstances.
                Under Sec. 3555.105(g), in the event of unplanned changes during
                construction, a lender remains responsible for completion of
                improvements satisfactory to Rural Development, and that the loan will
                be serviced in accordance with applicable regulations. As explained in
                Chapter 12 of Handbook 3555, all available funds in the construction
                escrow account would be used to complete the project and remaining
                funds would be applied as a principal reduction. This final rule
                clarifies such policy in Sec. 3555.105(g) and extends the policy to
                any remaining PITI reserve funds. Therefore, under the final rule, in
                the event of unplanned changes preventing completion of construction,
                the lender must complete improvements to the satisfaction of Rural
                Development and apply any remaining PITI reserve and construction
                escrow funds (after satisfactory
                [[Page 35006]]
                improvements are complete) as a principal reduction. The lender would
                proceed with loan servicing options as appropriate. The Agency is also
                amending Sec. 3555.105(e) to require mortgage file documentation
                evidencing the lender's use of any remaining PITI reserve or
                construction escrow funds for principal reduction.
                 One respondent requested the Agency to provide additional guidance
                for the distribution of loan funds during construction and
                clarification on whether the lender or servicer will be responsible for
                the distribution of those funds. It is the responsibility of the lender
                to pay out monies from escrow to the builder during construction upon
                written approval from the borrower and to document that the appropriate
                work was completed in accordance with Sec. 3555.105(a)(5). No change
                is made in this provision.
                 One respondent supported the changes to the single close loan
                program but requested the Agency to remove the requirement to conduct
                individual credit checks on contractors. Section 3555.105(b) does not
                require individual credit checks on contractors; however, the Agency
                will clarify the administrative guidance (Handbook 3555 Chapter 12)
                providing options to determine and document a builder's credit history.
                No change is made in this provision.
                 Three respondents fully supported the Agency's proposed amendments
                to the single close loan program and requested the Agency to extend the
                program to include rehabilitation loans. The Agency agrees with the
                comments submitted and will amend the language in Sec. 3555.105(c) and
                Sec. 3555.105(e) to include rehabilitation with the purchase of an
                existing dwelling as an allowable single close loan purpose.
                 After careful review and consideration of the comments submitted,
                the Agency decided the addition of rehabilitation in the single close
                loan program will increase inventory options and expand construction
                opportunities for rural applicants and lenders. The revisions allow the
                lender to finance the rehabilitation and purchase of an existing
                dwelling, to recapture interest accrued on a business line of credit
                during construction, and to reserve the entire regularly scheduled
                fully amortized PITI payment for the construction period. Allowable
                rehabilitation costs are those required to bring the dwelling into
                compliance with program standards. The need for these types of repairs
                are typically mentioned in the appraisal or inspection report. Single
                close loans may not be used to finance standalone rehabilitation
                without purchase of the dwelling that will be rehabilitated.
                 Current regulation prohibits the use of single close loans for
                condominiums. While SFHGLP loans are rarely used for condominiums in
                general, the Agency will clarify in this final rule that
                ``condominiums'' ineligible for single close loans include detached and
                site condominiums. The clarification is made in response to evolving
                types of condominiums, all of which are still excluded from single
                close loan purposes.
                 The Agency is updating the mortgage file documentation requirements
                in Sec. 3555.105(e) to reflect the addition of rehabilitation as an
                allowable single close loan purpose.
                 Overall, the regulatory revisions will reduce the burden of
                construction financing on small and medium sized lenders, streamline
                and expand the program, and provide lenders the ability to quickly
                transfer closed loans to program investors.
                List of Subjects in 7 CFR Part 3555
                 Home improvement, Loan Programs--Housing and community development,
                Eligible loan purpose, Construction, Loan terms, Mortgages, Rural
                areas.
                 Therefore, chapter XXXV, title 7 of the Code of Federal Regulations
                is amended as follows:
                PART 3555--GUARANTEED RURAL HOUSING PROGRAM
                0
                1. The authority citation for Part 3555 continues to read as follows:
                 Authority: 5 U.S.C. 301; 42 U.S.C. 1471 et seq.
                Subpart C--Loan Requirements
                0
                2. Amend Sec. 3555.10 by removing the definition of ``maximum
                allowable interest rate'' and adding the definition of ``warehouse
                lender'' in alphabetical order to read as follows:
                Sec. 3555.10 Definitions and abbreviations.
                * * * * *
                 Warehouse lender. A non-depository lender who utilizes short-term
                revolving lines of credit to finance loan origination and or
                construction financing.
                0
                3. Amend Sec. 3555.104 by revising paragraphs (a)(2) through (4) to
                read as follows:
                Sec. 3555.104 Loan terms.
                 (a) * * *
                 (2) Shall be negotiated between the lender and the borrower to
                allow the borrower to obtain the best available rate in compliance with
                all applicable laws.
                 (3) If the interest rate increases between the time of the issuance
                of the conditional commitment and the loan closing, the lender will
                submit appropriate documentation and underwriting analysis to confirm
                that the applicant is still eligible.
                 (4) The warehouse lender may charge an interest rate for interim
                construction financing that exceeds the underlying promissory note
                rate. After construction ends, the interest rate must revert to a rate
                that is no higher than the underlying promissory note rate. The Agency
                reserves the right to establish a maximum amount for the interim
                construction financing interest rate in the handbook, as necessary to
                further program goals and protect the best interests of the government.
                * * * * *
                0
                4. Amend Sec. 3555.105 by:
                0
                a. Revising paragraph (c)(1);
                0
                b. Adding paragraph (c)(2)(iv);
                0
                c. Revising paragraph (d)(2);
                0
                d. Adding paragraph (d)(7);
                0
                e. Revising paragraph (e)(1)
                0
                f. Removing ``and'' from the end of (e)(6);
                0
                g. Revising paragraph (e)(7);
                0
                h. Adding paragraph (e)(8); and
                0
                i. Revising paragraph (g).
                 The revisions and additions read as follows:
                Sec. 3555.105 Combination construction and permanent loans.
                * * * * *
                 (c) * * *
                 (1) The loan is to finance the purchase of real estate and
                construction of a single family dwelling or the purchase and required
                rehabilitation of an existing single family dwelling. Condominiums,
                including detached condominiums and site condominiums, are ineligible
                for combination construction and permanent loans.
                 (2) * * *
                 (iv) The costs of an interim construction financing interest rate
                and PITI reserve under Sec. 3555.104(e) and Sec. 3555.105(d)(7),
                respectively.
                 (d) * * *
                 (2) The fair market value as determined by a licensed or certified
                appraiser in accordance with regulation 3555.107(d) will be used to
                establish the maximum loan amount.
                * * * * *
                 (7) Lenders may fund a reserve account for up to 12 months of
                regularly scheduled (amortized) principal and interest payments along
                with taxes and insurance (PITI). In such cases, a loan modification is
                not required after
                [[Page 35007]]
                construction is complete. Funds remaining in the PITI reserve after
                construction is complete will be applied by the lender as a principal
                payment.
                 (e) * * *
                 (1) The actual cost to construct or rehabilitate the subject
                dwelling.
                * * * * *
                 (7) Loan modification agreement, once construction is complete,
                confirming the existence of a permanent loan and the amortizing
                interest rate on the loan; and
                 (8) Evidence that all funds remaining in the construction escrow or
                PITI reserve accounts have been applied as a principal curtailment once
                construction or rehabilitation is complete.
                * * * * *
                 (g) Unplanned changes during construction. Should an unplanned
                change occur with the borrower or contractor preventing completion of
                construction, the lender remains responsible for completion of
                improvements satisfactory to Rural Development. The loan will be
                serviced in accordance with subparts F and G of this part. Funds
                remaining in all PITI reserve and construction escrow accounts after
                full disbursement of construction costs will be applied by the lender
                as a principal payment.
                * * * * *
                Bruce W. Lammers,
                Administrator, Rural Housing Service.
                [FR Doc. 2019-15450 Filed 7-19-19; 8:45 am]
                 BILLING CODE 3410-XV-P
                

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