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Federal Register / Vol. 86, No. 235 / Friday, December 10, 2021 / Rules and Regulations time. However, any appropriate conforming changes necessitated from updates to 7 CFR 1970, Environmental Policies and Procedures will be made to 7 CFR 5001 to ensure compliance with CEQs regulations.
Section 5001.303
Loan Guarantee
Applications for
Comment: The Agency received three comments seeking some clarity and guidance on the need to now submit draft loan agreements. The commenters stated that one of the attractive features of the Agency guaranteed programs is the fact that lenders use their own debt and security instruments to document the loan. The way Section 5001.303 is currently written, the Agency is forcing lenders to modify their existing systems to meet the requirements.
Agency Comment: Based on the comments received, the Agency has identified several revisions to improve the clarity of Section 5001.303 and these revisions are included in Section III, Summary of Changes to Rule.
Section 5001.304 Specific Application Requirements for CF Projects Agency Comment: The Agency has identified revisions needed to improve consistency and clarity of Section 5001.304; these revisions are included in Section III, Summary of Changes to Rule.
Section 5001.318
Point System
B&I Project Priority
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Comments: The Agency received a comment in reference to giving priority points to a loan which offers a decreased guarantee percentage on a B&I
project. They pointed out that this would be giving priority points to a guaranteed loan for violating the rule.
Agency Response: The Agency agrees, it was not the intention to allow priority points be given to a guaranteed loan that decreases the guarantee percentage for the loan. Since OneRD sets the guaranteed percentage on an annual basis and does not allow for any deviations of the set guaranteed percentage, the Agency will no longer grant priority points for a guaranteed loan that decreases the maximum allowable guaranteed percentage.
Therefore, 7 CFR 5001.318c3 has been removed.
Section 5001.401
Provisions
Interest Rate
Agency Comment: The Agency has identified a technical correction needed to improve clarity of Section 5001.401;
this revision is included in Section III, Summary of Changes to Rule.

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Section 5001.407
Guarantee
Percentage of Loan
Comments: Nine commenters requested the Community Facility Program provide for a 90% guarantee as they believe that being capped at 80%
in addition to the possibility of raising fees will discourage wide-spread lender participation in a market of non-profit borrowers who in many cases are providing critical services to the rural community.
Agency Response: While the Agency understands the concerns, no changes in the regulation are being made, however the Agency continues to do everything it can and will continue to review the fees and guarantee percentages on an annual basis to ensure there are no negative impacts on program participation.
Section 5001.408 Participation or Assignment of Guaranteed Loan Comments: Since publication of the OneRD rule, the Agency has received feedback from lenders on the requirement to charge a minimum 50
basis point lenders servicing fee in Section 5001.408b when selling to a holder or participating to another lender.
Agency Response: Based on the concerns we have heard during monthly lender office hours or through direct lender contact with program staff, the Agency has reviewed this policy and determined to remove this requirement and allow lenders to determine their own interest rate spreads when assigning to a holder or participating to another lender.
Section 5001.451
Commitment
Conditional
Comments: The Agency received two comments regarding the lender requesting an extension of a conditional commitment based on the following statement in the regulation no major changes have been made in the lenders loan conditions and requirements and no material adverse changes in the borrower or the borrowers financial condition have occurred since issuance of the conditional commitment. The concern is what constitutes a major change to request a change. It was suggested that the word major be defined or to remove the word major to avoid confusion.
Agency Response: The Agency agrees with the comments and is revising the sentence to remove this language as changes are not included in an extension of a conditional commitment.

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Section 5001.452 Loan Closing and Conditions Precedent to Issuance of Loan Note Guarantee Comment: Four comments were received on loan closing and the conditions precedent to issuance of the Loan Note Guarantee. There was a concern with Section 5001.452 as it seems to limit the presentation of note sale assignment documents to USDA
with or immediately after the guaranteed loan closing. Many lenders may choose to hold a loan for a period, then, based on the financial goals of the lender, sell the guaranteed portion of the loan at any point during the life of the loan.
Agency Response: The Agency concurs with the comments and is removing the text any secondary market assignment documents, as these documents are not required immediately after loan closing and may be submitted at any time subsequently.
Comment: Several comments were also received in reference to the requirement to obtain a title opinion or title insurance showing the borrower has good and marketable title to the real property and other collateral and all mortgages or other lien defects, restrictions, or encumbrances, if any. In most cases the guaranteed loan is closed based on a title commitment, which includes gap coverage until the issuance of a title insurance policy. Title companies can take weeks after a loan closing to issue title insurance policies.
This requirement would leave the lender unable to fund the loan for weeks after a closing and filing of security instruments, as they await the receipt of the title insurance policy.
Agency Response: The Agency believes that this is a reasonable request, therefore the revisions have been made to 5001.452b8iiiL2 and a new 5001.452b8iiiL3 has been added to provide clarity.
Section 5001.453
Note Guarantee
Issuance of the Loan
Comment: The Agency received a comment for clarification for the requirement of issuing a certificate of incumbency. The commenter stated some secondary market holders require the certificate of incumbency and signature and some do not require the certificate of incumbency and signature.
Therefore, the certificate of incumbency and signature form should be eliminated. In lieu of the form, a certificate of incumbency and signature block should be included on the relevant forms, i.e., lenders agreement, loan note guarantee, and assignment
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