BND Loan Closing Steps
- Upon approval, a commitment letter will be sent to borrower to complete and return to BND.
- Complete annual payment month and choose closing attorney from list provided, sign and date letter.
- Return completed W-9.
- Established Farmer Loan recipients: Choose an interest rate.
- 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.
If a valuation is needed on the property, BND’s Collateral Valuation team will order an appraisal or internal evaluation.
- BND will notify borrower and the closing attorney to proceed with the closing when an acceptable appraisal is received.
- 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 and BND.
- 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 to disburse accordingly to borrower.