FSA Relaxes Loan-Making Process and Adds Flexibility
USDA Farm Service Agency (FSA) is relaxing the loan-making process and adding flexibilities for servicing direct and guaranteed loans to provide credit to producers in need. FSA is relaxing the loan-making process, including the following measures: extending the deadline for applicants to complete farm loan applications; preparing Direct Loans documents even if FSA is unable to complete lien and record searches because of closed government buildings; and closing loans if the required lien position on the primary security is perfected, even for loans that require additional security and those lien searches, filings, and recordings cannot be obtained because of closed government buildings. Additionally, FSA is extending deadlines for producers to respond to loan servicing actions, including loan deferral consideration for financially distressed and delinquent borrowers. FSA will temporarily suspend loan accelerations, non-judicial foreclosures, and referring foreclosures to the Department of Justice.