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Loan Servicing

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  1. Loan Servicing By LSA’s

  2. LSA Loan Servicing • Cash repayments at 22-CN para 51 • Receive repayment request from producer or agent • Compute repayment amount • If applicable compute denied benefits for PE and PCF • Accept repayment and deposit at CCB • Release EWR’s • Distribute repayment document

  3. Denied Benefit Because of PE • Each individual designates his share of a ‘permitted entity’ • Any share of an entity which is not designated may result in a PE factor of less than 1.0000 • PE factor is applied to LDP’s and loan market gains • Monitor field 17

  4. Denied Benefit Because of PCF • PCF may be less then 1.000 when producer: • does not provide active personal labor or management • is actively engaged and eligible on a portion of a farm because of landowner provision • is a cash rent tenant and ineligible for payment for the cash rented land • Monitor field 18

  5. Loan Servicing • Certificate Redemptions at 22-CN para 52 • Not subject to payment limit • Not reported to IRS unless IRS directs FSA to do otherwise • Prepare CCC 694-2 for producer signature • Agents execute CCC-605 Part E • Accept repayment and deposit to CCB • Release receipts • Distribute repayment document

  6. Loan Servicing (Cont’d) • Maturity date notification letter in 22-CN para 53E • Charges due on forfeited loans in para 54 • Statement of charges from COPS • Send producer notification and collect • If not paid after 30 days, refer to county office • LSA document examples

  7. Offsets for CCC Claims • Offsets triggered by field 67 of CMA process record • Applicable to loans and LDP’s • Offsets have priority over assignments • If lien holders won’t sign waiver, producer is ineligible • Contact the admin county office

  8. Assignments • Applicable to LDP’s only • Triggered by field 68 • Locate the assignment • Issue applicable amounts to assignee • Notify admin county office

  9. Reports • Section 1614 per 1-CMA para. 555 • Next submission due Oct 15 • Federal Funding Accountability and Transparency Act of 2006

  10. Pop Quiz

  11. Can a producer redeem an ELS loan with a certificate?

  12. No

  13. Can a producer assign loan proceeds?

  14. No

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