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Form RD 1927-16 (Rev. 7-07) FORM APPROVED UNITED STATES DEPARTMENT OF AGRICULTURE Rural Development Farm Service Agency OMB. NO. 0575-0147 Date: SUBJECT: Notification of Loan Closing TO: Your Rural

How to fill out notification of loan closing

How to fill out the notification of loan closing?

1. Gather all necessary information: Before starting the process, make sure you have all the required information handy. This includes the loan account number, borrower's name, contact information, and any other relevant details.
2. Download or obtain a notification form: Depending on the lender or financial institution, you may be able to download the notification form from their website or request it from their customer service. Alternatively, you can also check if the form is available at the physical branch, if applicable.
3. Fill out the borrower's details: Start by filling out the borrower's name, address, contact number, and any other personal information as required by the form. Ensure accuracy and double-check the information for any mistakes.
4. Provide loan account details: In a separate section of the form, you will need to fill in the loan account number, the specific type of loan being closed, and the date of loan origination. This information helps the lender identify the specific loan record.
5. State the reason for loan closing: Indicate the reason for the loan closure. Common reasons include full repayment of the loan, refinancing with a different lender, or the completion of a fixed-term loan.
6. Sign and date the form: Once you have completed all the required sections of the notification form, carefully review the information provided. After ensuring its accuracy, sign and date the form to officially authorize the loan closing notification.

Who needs notification of loan closing?

1. The borrower: The borrower or the individual who took out the loan needs to notify the lender about the loan's closing. This is important for record-keeping purposes and to ensure both parties are aware of the closure.
2. The lender: The financial institution or lender needs to receive the notification of loan closing from the borrower. This allows them to update their records, close the loan account, and initiate any final procedures related to the loan closure.
3. Credit bureaus: While not directly involved in the loan closing process, credit bureaus should also be notified about the closed loan. This helps maintain accurate credit records, reflecting the closure of the loan and its impact on the borrower's credit history.

It is crucial to follow the specific instructions provided by your lender or financial institution when filling out the notification of loan closing.

For pdfFiller’s FAQs

What is notification of loan closing?

The notification of loan closing is a document that informs relevant parties that a loan has been fully repaid and the collateral can be released.

Who is required to file notification of loan closing?

The lender or the borrower's representative is typically required to file the notification of loan closing.

How to fill out notification of loan closing?

The notification of loan closing must be filled out with details of the loan, including the amount borrowed, the date of closing, and any relevant collateral information.

What is the purpose of notification of loan closing?

The purpose of the notification of loan closing is to officially notify all interested parties that the loan has been fully repaid and the collateral can be released.

What information must be reported on notification of loan closing?

The information reported on the notification of loan closing typically includes the loan amount, the borrower's details, the date of repayment, and details of any collateral held.

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