Title 7

PART 1951

Part 1951 - Servicing And Collections

PART 1951 - SERVICING AND COLLECTIONS Authority:5 U.S.C. 301; 7 U.S.C 1932 note; 7 U.S.C. 1989; 31 U.S.C. 3716; 42 U.S.C. 1480. Editorial Notes:1. Some of the exhibits referenced in this part 1951 are not published in the Code of Federal Regulations. Exhibits are available in any Rural Development office.

2. Nomenclature changes to part 1951 appear at 80 FR 9890-9894, Feb. 24, 2015.

7:14.1.1.1.2.1SUBPART A
Subpart A - Account Servicing Policies
7:14.1.1.1.2.1.1.1SECTION 1951.1
   1951.1 Purpose.
7:14.1.1.1.2.1.1.2SECTION 1951.2
   1951.2 Policy.
7:14.1.1.1.2.1.1.3SECTION 1951.3
   1951.3 Authorities and responsibilities.
7:14.1.1.1.2.1.1.4SECTION 1951.4-1951.6
   1951.4-1951.6 [Reserved]
7:14.1.1.1.2.1.1.5SECTION 1951.7
   1951.7 Accounts of borrowers.
7:14.1.1.1.2.1.1.6SECTION 1951.8
   1951.8 Types of payments.
7:14.1.1.1.2.1.1.7SECTION 1951.9
   1951.9 Distribution of payments when a borrower owes more than one type of Agency loan.
7:14.1.1.1.2.1.1.8SECTION 1951.10
   1951.10 Application of payments on production type loan accounts.
7:14.1.1.1.2.1.1.9SECTION 1951.11
   1951.11 Application of payments on real estate accounts.
7:14.1.1.1.2.1.1.10SECTION 1951.12
   1951.12 Changes in the application of loan payments.
7:14.1.1.1.2.1.1.11SECTION 1951.13
   1951.13 Overpayments and refunds.
7:14.1.1.1.2.1.1.12SECTION 1951.14
   1951.14 Recoverable and nonrecoverable cost charges.
7:14.1.1.1.2.1.1.13SECTION 1951.15
   1951.15 Return of paid-in-full or satisfied notes to borrower.
7:14.1.1.1.2.1.1.14SECTION 1951.16
   1951.16 Other servicing actions on real estate type loan accounts.
7:14.1.1.1.2.1.1.15SECTION 1951.17-1951.24
   1951.17-1951.24 [Reserved]
7:14.1.1.1.2.1.1.16SECTION 1951.25
   1951.25 Review of limited resource FO, OL, and SW loans.
7:14.1.1.1.2.1.1.17SECTION 1951.26-1951.49
   1951.26-1951.49 [Reserved]
7:14.1.1.1.2.1.1.18SECTION 1951.50
   1951.50 OMB control number.
7:14.1.1.1.2.1.1.19.1APPENDIX
   Exhibit A to Subpart A of Part 1951 - Notice to Agency Borrowers
7:14.1.1.1.2.1.1.19.2APPENDIX
   Exhibit B to Subpart A of Part 1951 - Notice of Change in Interest Rate
7:14.1.1.1.2.2SUBPART B
Subparts B-C [Reserved]
7:14.1.1.1.2.3SUBPART D
Subpart D - Final Payment on Loans
7:14.1.1.1.2.3.1.1SECTION 1951.151
   1951.151 Purpose.
7:14.1.1.1.2.3.1.2SECTION 1951.152
   1951.152 Definition.
7:14.1.1.1.2.3.1.3SECTION 1951.153
   1951.153 Chattel security or note-only cases.
7:14.1.1.1.2.3.1.4SECTION 1951.154
   1951.154 Satisfaction and release of documents.
7:14.1.1.1.2.3.1.5SECTION 1951.155
   1951.155 County and/or District Office actions.
7:14.1.1.1.2.3.1.6SECTION 1951.156-1951.200
   1951.156-1951.200 [Reserved]
7:14.1.1.1.2.4SUBPART E
Subpart E - Servicing of Community and Direct Business Programs Loans and Grants
7:14.1.1.1.2.4.1.1SECTION 1951.201
   1951.201 Purposes.
7:14.1.1.1.2.4.1.2SECTION 1951.202
   1951.202 Objectives.
7:14.1.1.1.2.4.1.3SECTION 1951.203
   1951.203 Definitions.
7:14.1.1.1.2.4.1.4SECTION 1951.204
   1951.204 Nondiscrimination.
7:14.1.1.1.2.4.1.5SECTION 1951.205
   1951.205 Redelegation of authority.
7:14.1.1.1.2.4.1.6SECTION 1951.206
   1951.206 Forms.
7:14.1.1.1.2.4.1.7SECTION 1951.207
   1951.207 State supplements.
7:14.1.1.1.2.4.1.8SECTION 1951.208-1951.209
   1951.208-1951.209 [Reserved]
7:14.1.1.1.2.4.1.9SECTION 1951.210
   1951.210 Environmental requirements.
7:14.1.1.1.2.4.1.10SECTION 1951.211
   1951.211 Refinancing requirements.
7:14.1.1.1.2.4.1.11SECTION 1951.212
   1951.212 Unauthorized financial assistance.
7:14.1.1.1.2.4.1.12SECTION 1951.213
   1951.213 Debt settlement.
7:14.1.1.1.2.4.1.13SECTION 1951.214
   1951.214 Care, management, and disposal of acquired property.
7:14.1.1.1.2.4.1.14SECTION 1951.215
   1951.215 Grants.
7:14.1.1.1.2.4.1.15SECTION 1951.216
   1951.216 Nonprogram (NP) loans.
7:14.1.1.1.2.4.1.16SECTION 1951.217
   1951.217 Public bodies.
7:14.1.1.1.2.4.1.17SECTION 1951.218
   1951.218 Use of Rural Development loans and grants for other purposes.
7:14.1.1.1.2.4.1.18SECTION 1951.219
   1951.219 [Reserved]
7:14.1.1.1.2.4.1.19SECTION 1951.220
   1951.220 General servicing actions.
7:14.1.1.1.2.4.1.20SECTION 1951.221
   1951.221 Collections, payments and refunds.
7:14.1.1.1.2.4.1.21SECTION 1951.222
   1951.222 Subordination of security.
7:14.1.1.1.2.4.1.22SECTION 1951.223
   1951.223 Reamortization.
7:14.1.1.1.2.4.1.23SECTION 1951.224
   1951.224 Third party agreements.
7:14.1.1.1.2.4.1.24SECTION 1951.225
   1951.225 Liquidation of security.
7:14.1.1.1.2.4.1.25SECTION 1951.226
   1951.226 Sale or exchange of security property.
7:14.1.1.1.2.4.1.26SECTION 1951.227
   1951.227 Protective advances.
7:14.1.1.1.2.4.1.27SECTION 1951.228-1951.229
   1951.228-1951.229 [Reserved]
7:14.1.1.1.2.4.1.28SECTION 1951.230
   1951.230 Transfer of security and assumption of loans.
7:14.1.1.1.2.4.1.29SECTION 1951.231
   1951.231 Special provisions applicable to Economic Opportunity (EO) Cooperative Loans.
7:14.1.1.1.2.4.1.30SECTION 1951.232
   1951.232 Water and waste disposal systems which have become part of an urban area.
7:14.1.1.1.2.4.1.31SECTION 1951.233-1951.239
   1951.233-1951.239 [Reserved]
7:14.1.1.1.2.4.1.32SECTION 1951.240
   1951.240 State Director's additional authorizations and guidance.
7:14.1.1.1.2.4.1.33SECTION 1951.241
   1951.241 Special provision for interest rate change.
7:14.1.1.1.2.4.1.34SECTION 1951.242
   1951.242 Servicing delinquent Community Facility loans.
7:14.1.1.1.2.4.1.35SECTION 1951.243-1951.249
   1951.243-1951.249 [Reserved]
7:14.1.1.1.2.4.1.36SECTION 1951.250
   1951.250 OMB control number.
7:14.1.1.1.2.4.1.37.3APPENDIX
   Exhibits to Subpart E of Part 1951, Note
7:14.1.1.1.2.5SUBPART F
Subpart F - Analyzing Credit Needs and Graduation of Borrowers
7:14.1.1.1.2.5.1.1SECTION 1951.251
   1951.251 Purpose.
7:14.1.1.1.2.5.1.2SECTION 1951.252
   1951.252 Definitions.
7:14.1.1.1.2.5.1.3SECTION 1951.253
   1951.253 Objectives.
7:14.1.1.1.2.5.1.4SECTION 1951.254
   1951.254 [Reserved]
7:14.1.1.1.2.5.1.5SECTION 1951.255
   1951.255 Nondiscrimination.
7:14.1.1.1.2.5.1.6SECTION 1951.256-1951.261
   1951.256-1951.261 [Reserved]
7:14.1.1.1.2.5.1.7SECTION 1951.262
   1951.262 Farm Credit Programs - graduation of borrowers.
7:14.1.1.1.2.5.1.8SECTION 1951.263
   1951.263 Graduation of non-Farm Credit programs borrowers.
7:14.1.1.1.2.5.1.9SECTION 1951.264
   1951.264 Action when borrower fails to cooperate, respond or graduate.
7:14.1.1.1.2.5.1.10SECTION 1951.265
   1951.265 Application for subsequent loan, subordination, or consent to additional indebtedness from a borrower who has been requested to graduate.
7:14.1.1.1.2.5.1.11SECTION 1951.266
   1951.266 Special requirements for MFH borrowers.
7:14.1.1.1.2.5.1.12SECTION 1951.267-1951.299
   1951.267-1951.299 [Reserved]
7:14.1.1.1.2.5.1.13SECTION 1951.300
   1951.300 OMB control number.
7:14.1.1.1.2.5.1.14.4APPENDIX
   Exhibit A to Subpart F of Part 1951 [Reserved]
7:14.1.1.1.2.5.1.14.5APPENDIX
   Exhibit B to Subpart F of Part 1951 - Suggested Outline for Seeking Information From Lenders on Credit Criteria for Graduation of Single Family Housing Loans
7:14.1.1.1.2.6SUBPART G
Subparts G-N [Reserved]
7:14.1.1.1.2.7SUBPART O
Subpart O - Servicing Cases Where Unauthorized Loan(s) or Other Financial Assistance Was Received - Community and Insured Business Programs
7:14.1.1.1.2.7.1.1SECTION 1951.701
   1951.701 Purpose.
7:14.1.1.1.2.7.1.2SECTION 1951.702
   1951.702 Definitions.
7:14.1.1.1.2.7.1.3SECTION 1951.703
   1951.703 Policy.
7:14.1.1.1.2.7.1.4SECTION 1951.704-1951.705
   1951.704-1951.705 [Reserved]
7:14.1.1.1.2.7.1.5SECTION 1951.706
   1951.706 Initial determination that unauthorized assistance was received.
7:14.1.1.1.2.7.1.6SECTION 1951.707
   1951.707 Determination of the amount of unauthorized assistance.
7:14.1.1.1.2.7.1.7SECTION 1951.708
   1951.708 Notification to recipient.
7:14.1.1.1.2.7.1.8SECTION 1951.709
   1951.709 Decision on servicing actions.
7:14.1.1.1.2.7.1.9SECTION 1951.710
   1951.710 [Reserved]
7:14.1.1.1.2.7.1.10SECTION 1951.711
   1951.711 Servicing options in lieu of liquidation or legal action to collect.
7:14.1.1.1.2.7.1.11SECTION 1951.712-1951.716
   1951.712-1951.716 [Reserved]
7:14.1.1.1.2.7.1.12SECTION 1951.717
   1951.717 Exception authority.
7:14.1.1.1.2.7.1.13SECTION 1951.718-1951.750
   1951.718-1951.750 [Reserved]
7:14.1.1.1.2.8SUBPART P
Subparts P-Q [Reserved]
7:14.1.1.1.2.9SUBPART R
Subpart R - Rural Development Loan Servicing
7:14.1.1.1.2.9.1.1SECTION 1951.851
   1951.851 Introduction.
7:14.1.1.1.2.9.1.2SECTION 1951.852
   1951.852 Definitions and abbreviations.
7:14.1.1.1.2.9.1.3SECTION 1951.853-1951.858
   1951.853-1951.858 [Reserved]
7:14.1.1.1.2.9.1.4SECTION 1951.859
   1951.859 Term of loans.
7:14.1.1.1.2.9.1.5SECTION 1951.860-1951.865
   1951.860-1951.865 [Reserved]
7:14.1.1.1.2.9.1.6SECTION 1951.866
   1951.866 Security.
7:14.1.1.1.2.9.1.7SECTION 1951.867-1951.871
   1951.867-1951.871 [Reserved]
7:14.1.1.1.2.9.1.8SECTION 1951.872
   1951.872 Other regulatory requirements.
7:14.1.1.1.2.9.1.9SECTION 1951.873-1951.880
   1951.873-1951.880 [Reserved]
7:14.1.1.1.2.9.1.10SECTION 1951.881
   1951.881 Loan servicing.
7:14.1.1.1.2.9.1.11SECTION 1951.882
   1951.882 [Reserved]
7:14.1.1.1.2.9.1.12SECTION 1951.883
   1951.883 Reporting requirements.
7:14.1.1.1.2.9.1.13SECTION 1951.884
   1951.884 Revolved funds.
7:14.1.1.1.2.9.1.14SECTION 1951.885
   1951.885 Loan classifications.
7:14.1.1.1.2.9.1.15SECTION 1951.886-1951.888
   1951.886-1951.888 [Reserved]
7:14.1.1.1.2.9.1.16SECTION 1951.889
   1951.889 Transfer and assumption.
7:14.1.1.1.2.9.1.17SECTION 1951.890
   1951.890 Office of Inspector General and Office of General Counsel referrals.
7:14.1.1.1.2.9.1.18SECTION 1951.891
   1951.891 Liquidation; default.
7:14.1.1.1.2.9.1.19SECTION 1951.892-1951.893
   1951.892-1951.893 [Reserved]
7:14.1.1.1.2.9.1.20SECTION 1951.894
   1951.894 Debt settlement.
7:14.1.1.1.2.9.1.21SECTION 1951.895
   1951.895 [Reserved]
7:14.1.1.1.2.9.1.22SECTION 1951.896
   1951.896 Appeals.
7:14.1.1.1.2.9.1.23SECTION 1951.897
   1951.897 Exception authority.
7:14.1.1.1.2.9.1.24SECTION 1951.898-1951.899
   1951.898-1951.899 [Reserved]
7:14.1.1.1.2.9.1.25SECTION 1951.900
   1951.900 OMB control number.