HB-1-3555

Attachment 3-A 

Page 1 of 3

(03-09-16) SPECIAL PN

Revised (07-21-23) PN 588 

ATTACHMENT 3-A 

LENDER APPROVAL CHECKLIST

Section 3555.51 of 7 CFR Part 3555 and Chapter 3 of this Handbook describe the qualifications required 

to become an Agency approved lender. Other entities may participate as an approved lender’s agent or 

correspondent, but only approved lenders are responsible for underwriting and servicing and may hold the 

Loan Note Guarantee on a Rural Development guaranteed loan. Lenders may utilize the following 

checklist to ensure a complete application is submitted. Requests must contain all of the following 

information, in the order listed, and be submitted to Loan Servicing Branch at sfhglpservicing@usda.gov. 

Lender Approval Checklist

USDA Rural Development

Lender Information

Name: TAX ID:

DBA Name(s), if applicable. Use separate sheet for any additional DBAs:

Geographic Address: Mailing Address (if different) Phone:

Fax:

County:

Chartered State/Headquarters:

Website: Company E-Mail:

Contact 

Person

Name: Phone: E-Mail:

Title: Fax:

Minority/Women-Owned Business (Optional)  Minority-Owned  Women-Owned  MinorityOwned/ 

Women-Owned

Provide the following information for all principal officers, directors, and senior managers. Additional sheets may be attached, if 

necessary.

Legal Full Name, including M.I. Title/Physical Location

Lender Functions Lender Type (Select Applicable):

 Originate  Commercial Bank  Credit Union  CDFI  Others

 Underwrite  Mortgage Loan 

Co

 Savings Bank  Non-traditional

 Service  Insurance Co  Banks for Co-Ops  USDA Agency

 Own  Farm Credit 

System

 State Housing 

Finance Agency 

 Specialty Servicer
HB-1-3555

Attachment 3-A 

Page 2 of 3

Current eligibility designations [Section 3.2 of HB-3555 Chapter 3]:

 Agency Certifications

(Select applicable)

Preferred Method of Evidence/Certification (Submit assupplemental information) Applicable Agency Assigned

Identification

 Fannie Mae Fannie Mae Form 582, “Annual Eligibility Certification Report”

 Freddie Mac Freddie Mac Form 16SF, “Annual Eligibility Certification Report”

 U.S. Department of Housing

and Urban Development – 

Federal Housing

Administration (HUD-FHA)

Letter showing lender approved by HUD as a Title II supervised or non-supervised

mortgagee for submission of one to four family housing applications for Federal Housing

Mortgage Insurance or as an issuer of Ginnie Mae mortgage backed securities “supervised” 

or “non-supervised.”

 U.S. Department of Veterans

Affairs (VA)

Letter showing lender approved as a supervised or non-supervised “automatic” mortgagee

with direct lending authority for VA

 State Housing Finance

Agency (SFHA) 

N/A

 Farm Credit Service (FCS)  Lender must have direct lending authority. Provide Membership letter.

 Financial statements that demonstrate the lender meets the financial requirements 

described in Section 3.2B.

 Lenders participating in 

USDA guaranteed loan

programs.

 Copy of executed agreement showing approval by Rural Housing Service, Rural

Business and Cooperative Service, Rural Utilities Programs and/or the Farm Service 

Agency.

 Financial statements that demonstrate the lender meets the financial requirements 

described in Section 3.2B.

 Evidence of Federal oversight

(if applicable) 

 Evidence and supporting documentation per Section 3.2 of Chapter 3 of Federal

oversight by any of the following:

 The Federal Reserve System;

 The Office of the Comptroller of the Currency (OCC);

 The Federal Deposit Insurance Corporation (FDIC);

 The National Credit Union Administration (NCUA); or

 The Federal Housing Finance Board regulating lenders within the Federal 

Home Loan Bank (FHLB) system.

 Financial statements that demonstrate the lender meets the financial requirements 

described in Section 3.2B.

 Evidence of demonstrated

ability in underwriting and/or

servicing (if applicable).

 A summary of residential mortgage lending activity.

 Written criteria that outline the policies and procedures the lender typically follows 

when originating, underwriting, and closing residential mortgage loans.

 Evidence that the lender has an experienced loan underwriter on staff.

 Financial statements that demonstrate the lender meets the financial requirements 

described in Section 3.2B.

List of Supplemental Information to be Submitted with Lender Approval Checklist [Check the box to indicate that each 

required document has been included with the lender approval request package.]

1. Form RD

3555-16

Agreement for Participation in Single-Family Housing Guaranteed/Insured Loan Programs of the United States Government (Lender

Agreement). https://formsadmin.sc.egov.usda.gov/eFormsAdmin/welcomeAction.do?Home



2. Resume Evidence of Underwriter’s qualifications and experience in the industry and evidence that all principal officers have a minimum of two years

of experience in originating or servicing guaranteed mortgage loans.



3. Retail

Lender – 

Spreadsheet

If your firm is a retail lender, provide complete contact information (addresses, telephone numbers, fax numbers, and e-mail addresses) for

your branch locations, loan processing/underwriting departments, loan servicing, and a contact person for loan production. Information

assists in populating Rural Development’s lender record database.



4. Wholesale

Lender or

Servicing

LenderSpreadsheet

If your firm is a wholesale lender or a servicing lender, provide a general description of your services (loan processing, underwriting, table

funding, loan servicing, real estate owned (REO) disposition, etc.) and provide complete contact information (address, telephone number, fax

number, and e-mail addresses) for your various departments, including regional account executives.



5. Underwriting

Outline

A brief outline of underwriting criteria from the lender’s internal loan policy manual. Include a statement to use forms approved by the

Federal Housing Administration (FHA), Fannie Mae, or Freddie Mac.


HB-1-3555

Attachment 3-A 

Page 3 of 3

(03-09-16) SPECIAL PN

Revised (07-21-23) PN 588

6. Quality Control Plan General requirements for quality control plans:

• Must be in writing outlining policies and procedures along with any forms and checklists used in the process.

• Lender’s Mission Statement or stated objective.

• Employees must operate independently of loan origination and servicing departments, or the

lender/servicer may contract out this function. If this function is contracted out, the lender must

adequately monitor the performance of the contractor.

• Identify how escrows are handled for taxes, hazard, and flood insurance (if applicable). 

• Identify what happens if excess funds are collected in escrow.

• Have procedures to report non-compliance to the highest levels of management. May be monthly or, at the 

least, a quarterly basis.

• Have procedures to report non-compliance or suspected misrepresentation to the appropriate regulatory

authorities.

• Identify training opportunitiesfor lender/servicer staff.

• Set timeframes for review and follow-up procedures.

• Have procedures in place to monitor any third party originators (TPOs).

• Include a consistent process to sample select and review SFHGLP loans.



7. Training Certification New Mandatory Lender Training 

Certifications/Acknowledgments

I certify I am a corporate officer and/or principal/owner of the above-named entity with the authority to legally bind the organization and to execute

certifications and acknowledgements on behalf of the entity/organization named. I certify information provided and any accompanying documentation is true

and accurate to the best of my knowledge and belief.

Name: Title:

Signature: Date:

Send the executed Lender Agreement, Checklist, and Supplemental Information to sfhglpservicing@usda.gov.