R51-5-7. Loan Closing

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  (1) Upon approval by the Executive Loan Committee and ratification by the Board, the Commissioner shall sign and make the final obligation of funds by signing the Rural Rehabilitation Obligation to Purchase form.

  (2) Loan staff shall prepare loan documents and instruction letter for the title company closing; including a signed Warrant Request to disburse funds.

  (3) The Borrower may proceed with the closing at the title company.

  (4) Neither the state, the Department nor the Board have any obligation to disburse funds prior to the completion of the above described procedures.

  (5) The Applicant shall be required to cover any costs incurred for loan closing including escrow fees, title insurance, recording fees, and appraisal when necessary.

                    
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