1 / 8
Download Presentation

Loan Processing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Loan Processing By LSA’s

  2. LSA Loan Processing Flow • Make CCC holder of bales • Complete CCC Cotton A-5 • Complete CCC Cotton A and A-1 • Obtain signatures • Submit “A” transaction to ACRS • Receive funds • Issue funds to producer • File and deliver executed loan documents

  3. CCC Cotton A-5 • See 22 CN paragraph 37E • Date doc received is the later of the following dates: • the date of receipt from the producer of any paper documents necessary to complete the loan, such as a lien waiver • Note: The date by which a lien search is conducted is not applicable to this item. • the date CCC was made holder of EWR’s • if applicable, the date paper warehouse receipts were delivered to LSA.

  4. CCC Cotton A • See 22-CN paragraph 38 C • Retain original in locked fireproof file • Copy to producer • See paragraph 40 E for calculation examples • Actual LSA examples

  5. Seed Cotton Loans • Are recourse so cannot be processed through ACRS and must be obtained by producers at FSA offices • However, proceeds from LSA prepared loans or LDP’s for same cotton may be jointly payable to producer and CCC to pay off seed cotton loans • LDP proceeds from LSA take precedence over assignments • See 22-CN paragraph 41

  6. Pop Quiz

  7. Can an LSA disburse a seed cotton loan?

  8. No

More Related