7 CFR Part 3555 — USDA Single Family Housing Guaranteed Loan Program § 3555.54 — Sale of loans to approved lenders

usda-7cfr-3555-54

7 CFR Part 3555 — USDA Single Family Housing Guaranteed Loan Program, §3555.54 Sale of loans to approved lenders. Captured section-complete (all subsections verbatim).

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  authority: 7 CFR Part 3555 — USDA Single Family Housing Guaranteed Loan Program § 3555.54 — Sale of loans to approved lenders
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    7 CFR Part 3555 — USDA Single Family Housing Guaranteed Loan Program, §3555.54 Sale of loans to approved lenders. Captured section-complete (all subsections verbatim).
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    section: 7 CFR §3555.54
    description: 'Sale of loans to approved lenders: Lenders may sell SFHGLP loans only to other Agency-approved lenders, Fannie Mae, Freddie Mac, or the Federal Home Loan Banks. In such a sale, the purchasing lender acquires all rights of the selling lender under the Loan Note Guarantee, and assumes all of the selling lender''s obligations contained i…'
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      authority: 7 CFR Part 3555 — USDA Single Family Housing Guaranteed Loan Program § 3555.54
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      paragraph_quote: Lenders may sell SFHGLP loans only to other Agency-approved lenders, Fannie Mae, Freddie Mac, or the Federal Home Loan Banks. In such a sale, the purchasing lender acquires all rights of the selling lender under the Loan Note Guarantee, and assumes all of the selling lender's obligations contained in any note, security instrument, or Loan Note Guarantee in connection with the loan purchased. The purchasing lender may be subject to any defenses, claims, or offsets that Rural Development would have had against the selling lender if the selling lender had continued to hold the loan. The lender must notify Rural Development immediately upon the sale or transfer of servicing of a SFHGLP loan.
      drafter_attestation: Verbatim (whitespace-normalized) slice of §3555.54 (whole section) from snapshot 60bd6fb03befa14c; substring-verified.

Verbatim regulatory text (1)

Verbatim provisions from 7 CFR Part 3555 — USDA Single Family Housing Guaranteed Loan Program § 3555.54 — Sale of loans to approved lenders — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

7 CFR §3555.54

Lenders may sell SFHGLP loans only to other Agency-approved lenders, Fannie Mae, Freddie Mac, or the Federal Home Loan Banks. In such a sale, the purchasing lender acquires all rights of the selling lender under the Loan Note Guarantee, and assumes all of the selling lender's obligations contained in any note, security instrument, or Loan Note Guarantee in connection with the loan purchased. The purchasing lender may be subject to any defenses, claims, or offsets that Rural Development would have had against the selling lender if the selling lender had continued to hold the loan. The lender must notify Rural Development immediately upon the sale or transfer of servicing of a SFHGLP loan.

Source: 7 CFR Part 3555 — USDA Single Family Housing Guaranteed Loan Program § 3555.54 · source URL · snapshot 60bd6fb03befa14c