BND Loan Closing Steps

  1. Complete and return commitment letter.
    • Complete annual payment month and choose closing attorney from list provided, sign and date letter.
    • Return completed W-9 if BND enclosed the form with the commitment letter.
    • Established Farmer Loan recipients: Choose an interest rate.
  2. Appraisal process initiated.
    • BND will select a certified appraiser and make contact regarding availability/cost.
    • If a current appraisal has been completed by another financial institution in North Dakota or FSA, it must designate the Intended User as BND.
    • BND will notify borrower and the closing attorney to proceed with the closing when an acceptable appraisal is received.
  3. Close the loan.
    • Buyer/Seller will arrange for abstracts to be updated and delivered to the closing attorney.
    • Closing attorney will establish that BND will obtain a first mortgage on property securing your loan.
    • Closing attorney will coordinate a closing date with the borrower.
    • BND will forward the loan documentation to closing attorney prior to closing date.
    • On the closing date, BND will forward the loan proceeds to closing attorney.