If it is necessary for the loan security to be appraised, there will be charged the actual cost of appraisal which is based on a charge of $1.50 per hour for the time required to inspect the property and prepare the appraisal report. No additional fee will be required on such applications involving joint Federal land bank and Land Bank Commissioner loans. (Sec. 13 "Ninth," 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Ninth", 1016, 1020, 1020a, and Sup.) [Res. Ex. Com., May 11, 1938] 25.3 Reamortization fees. The following fees and charges shall be paid to the Federal Land Bank of New Orleans for reamortization of loans: (a) Where a single mortgage to the Federal land bank or a single mortgage to the Land Bank Commissioner is involved, $10.00. (b) Where mortgages to both the Federal land bank and Land Bank Commissioner are involved, $12.50. Where it is necessary for the reamortization agreement to be recorded or for the mortgage securing the loan to be reinscribed, the borrower shall pay in advance the actual cost of recordation or reinscription. (Sec. 13 "Thirteenth", as added by sec. 4, 47 Stat. 1548, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Thirteenth", 1016, 1020, 1020a, and Sup.; 6 CFR 19.4043, 19.4045) [Res. Ex. Com., Aug. 22, 1936] 25.4 Transfer fees. When the mortgage and/or stock interests in connection with any direct Federal land bank loan are transferred and assumed, the transferee shall pay to the Federal Land Bank of New Orleans a fee of $2.50 or one percent of the unpaid balance of the loan, whichever is the lesser. (Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372; 12 U.S.C. 723, 781 "Ninth"; 6 CFR 19.4023) [Res. Ex. Com., Mar. 2, 1938] Sec. PART 26-FEDERAL LAND BANK OF ST. LOUIS Sec. 26.1 Appraisal and title determination 26.5 Reamortization fee on Commisfees. 26.2 Personal risk investigation fee. 26.3 Partial release and subordination fees. 26.4 Fee for division of loan. sioner loans. 26.6 Handling fee on closed loan abstracts. 26.7 Prepayment fee. Section 26.1 Appraisal and title determination fees. The bank charges appraisal and title determination fees as follows: The appraisal fee (column 1) is based on the amount for which the loan is closed. However, a fee based upon the amount applied for is collected by the Secretary-treasurer or correspondent and forwarded to the bank with the application. The total fee (column 3) is based on the amount closed, credit being given for the fee forwarded to the bank with the application. In case of a joint loan, the total fee is the regular fee on the land bank loan closed, plus one-half of the regular fee on the Commissioner loan closed, credit being given for the fee submitted with the application. A title determination fee, as shown in column (2), based on the aggregate amount closed, is charged each applicant whose abstract is examined and whose loan is closed. The fee is collected, based on the aggregate amount approved, even if the loan is not closed, if, after approval of the loan and examination of the abstract, the application is withdrawn or closing is made impossible by reason of some act or default of the applicant. (Sec. 13 Ninth", 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended; 12 U.S.C. 781 "Ninth", 1016 (e), 1017, and Sup.; 6 CFR 19.4019) [Ex. Com. order, effective Nov. 14, 1935, as amended Jan. 1, 1938] 26.2 Personal risk investigation fee. A $7.50 personal risk investigation fee, in addition to the regular application fee, must accompany the application and be paid for each applicant residing outside of the Sixth Farm Credit District. (Sec. 13 "Ninth", 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended; 12 U.S.C. 781 "Ninth". 1016 (e), 1017, and Sup.; 6 CFR 19.4019) [Ex. Com. order, effective Nov. 11, 1935, as amended Jan. 1, 1938] 26.3 Partial release and subordination fees. (a) Except as indicated in paragraph (c) below, when the consideration for the release or subordination is in excess of $50.00 and no reappraisal is necessary, the following release or subordination fee is charged: (1) Federal land bank loan (association), $10.00. (2) Direct Federal land bank loan, $5.00. (3) Commissioner loan, $5.00. (b) Except as indicated in paragraph (c) below, when reappraisal is required (ordinarily if more than 2 percent of the acreage included in the mortgage is involved in the release or subordination), and regardless of the amount of consideration, the following release or subordination fee is charged: (1) Federal land bank loan (association), $15.00. (2) Direct Federal land bank loan, $10.00. (3) Commissioner loan, $10.00. When the release or subordination is for public highway purposes, regardless of the amount of the consideration, and whether an appraisal is or is not required, no fee is charged. No fee is charged on timber and gravel releases, regardless of the amount of the consideration, if no appraisal is required. (Sec. 13 "Ninth", 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Ninth", 1016, 1020, 1020a, and Sup.) [Ex. Com. order, effective Oct. 11, 1933, as amended Apr. 9, 1934, and Nov. 18, 1936] Page 78 26.4 Fee for division of loan. The regular appraisal fee (§ 26.1), based upon the amount of the loan, plus an additional sum of $5.00, is charged in connection with an application for division of a loan, and is payable in advance of the appraisal. If the division is completed, the bank makes an additional charge of $10.00, for title determination. (Sec. 13 "Ninth", 39 Stat. 372; 12 U.S.C. 781 "Ninth") [Ex. Com. order, effective Apr. 9, 1936, as amended Mar. 8, 1937] 26.5 Reamortization fee on Commissioner loans. A $10.00 application fee must accompany an application for reamortization of a Commissioner loan. (Sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 1016, 1020, 1020a, and Sup.; 6 CFR 19.4043, 19.4045) [Ex. Com. order, effective Feb. 5, 1938] 26.6 Handling fee on closed loan abstracts. If the borrower arranges to borrow temporarily the abstract of title held in connection with his loan, the bank makes a charge of $2.00, to cover the cost of mailing the abstract out of the bank, checking it before it is mailed and after it is returned to the bank. (Sec. 13 "Ninth", 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Ninth", 1016, 1020, 1020a, and Sup.) [Ex. Com. order, effective July 6, 1928 26.7 Prepayment fee. (a) Prepayment of principal within the first five years a land bank loan is in effect is permitted as of the first day of any month in an amount equal to one or more principal installments, the aggregate of such prepayments in any one year, however, not to exceed one-fifth of the original principal amount. (b) For prepayment in excess of that permitted in paragraph (a), a fee of one percent a year, or fraction thereof, for the unexpired portion of the five-year period, is required on the excess prepayment. (c) Prepayment fees are waived on all advance principal payments required by the bank. (Sec. 12 "Second", 39 Stat. 370, as amended; 12 U.S.C. 771 "Second"; 6 CFR 10.387) [Ex. Com. order, effective Apr. 1, 1937] Sec. PART 27-FEDERAL LAND BANK OF ST. PAUL Sec. Section 27.1 Fees for appraisal and title determination; T eral land bank loans through national farm loan asso One-half of one percent of the face of the loan, but with a charge of $15.00 and a maximum charge of $75.00; $10.00 of the fee shall be paid at the time the application is filed, and the balance will be deducted from the proceeds of the loan when closed, except that if the applicant withdraws after appraisal is made and before the loan is closed, a charge may be made to defray such part of the appraisal and title examination expense incurred as is not covered by the $10.00 paid with the application, such additional charge together with the initial charge in no event to exceed $75.00. (Sec. 13 "Ninth", 39 Stat. 372; 12 U.S.C. 781 "Ninth"; 6 CFR 19.4019) [Res. Bd. Dir., Feb. 16, 1932] 27.2 Same; direct loans by Federal land bank. For each loan of less than $3,000, $15.00 plus one percent of the amount of the loan with the maximum fee $30.00. For loans of $3,000 and over, one percent of the face of the loan. $10.00 of the fee is required at the time the application is filed, and the balance will be deducted from the proceeds of the loan when closed, except that if the applicant withdraws after appraisal is made and before the loan is closed, a charge may be made to defray such part of the appraisal and title examination expense incurred as is not covered by the $10.00 paid with the application, such additional charge together with the initial charge in no event to exceed the maximum charge for a closed loan as indicated herein. (Sec. 7, 39 Stat. 365, as amended, sec. 13 "Ninth", 39 Stat. 372; 12 U.S.C. 723 (e), 781 "Ninth"; 6 CFR 19.4019) [Res. Bd. Dir., May 15, 1933] 27.3 Same; Land Bank Commissioner loans. $20.00 unless the Commissioner loan is one made concurrently with a Federal land bank loan covering the same security, $10.00 of this fee is required at the time the application is filed, and the balance will be deducted from the proceeds of the loan when closed, except that if the applicant withdraws after appraisal is made and before the loan is closed, a charge may be made to defray such part of the appraisal and title examination expense incurred as is not covered by the $10.00 paid with the application, such additional charge together with the initial charge in no event to exceed the maximum charge of $20.00. (Sec. 13 "Ninth", 39 Stat. 372, secs. 32, 33, 48 Stat. 49, as amended; 12 U.S.C. 781 "Ninth", 1016 (e), 1017, and Sup.; 6 CFR 19.4019) [Res. Bd. Dir., Aug. 23, 1933] 27.4 Same; nonresident applicants. Whenever the applicant in any application for a loan from the Federal Land Bank of Saint Paul and/or the Land Bank Commissioner, shall not be a resident of the Seventh Farm Credit District, or whenever such applicant until recently theretofore shall have resided outside said district, said bank shall charge in respect to each such application a fee of $7.50, in addition to the usual appraisal fee, said fee of $7.50 to cover the cost of obtaining from the Federal land bank of the district wherein such applicant resides, or recently has resided, a personal risk investigation in respect to such applicant, including joint owners, if any; and in all cases where such applicant shall not be a resident of said district, such additional fee shall accompany the application for loans; Provided, That whenever in any case such fee shall have been paid to the Federal Page 80 Land Bank of Saint Paul, and no such investigation is made, the full amount of the fee so paid shall be returned to the applicant. (Sec. 13 "Ninth", 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended; 12 U.S.C. 781 "Ninth", 1016 (e), 1017, and Sup.; 6 CFR 19.4019) [Res. Bd. Dir., July 22, 1935] 27.5 Same; reappraisal. A fee of $10.00 is required for each subsequent appraisal when such reappraisal is made at the applicant's request. (Sec. 13 "Ninth", 39 Stat. 372, secs. 32, 33, 48 Stat. 48, 49, as amended; 12 U.S.C. 781 "Ninth", 1016 (e), 1017, and Sup.; 6 CFR 19.4019) [Res. Ex. Com., June 28, 1938] * 27.6 Liquidation or prepayment fees; Federal land bank loans. When an amount in excess of 25 percent of the original amount of the loan is paid in any one year, that excess amount carries a prepayment charge of one-half of one percent per annum for the remaining portion of the first five-year period, except that the charge is waived when the source of prepayment funds are from any one of the following: (a) insurance losses on property securing the loan; (b) U. S. Government acquisition; (c) income from farm operations; (d) voluntary transactions where condemnation could be had; or (e) condemnation proceedings. (Sec. 12 "Second", 39 Stat. 370, as amended; 12 U.S.C. 771 "Second"; 6 CFR 10.386, 10.387) [Res. Ex. Com., Dec. 21, 1937] 27.7 Reamortization fees; Federal land bank loans. A fee of $7.50 is charged the borrower. (Sec. 13 "Thirteenth", as added by sec. 4, 47 Stat. 1548; 12 U.S.C. 781 "Thirteenth") [Res. Bd. Dir., Sept. 20, 1937] The 27.8 Reamortization fees; Land Bank Commissioner loans. A flat fee of $9.00 will be charged for each loan reamortized. borrower will also be required to pay any direct expenses, such as notarial fees, etc., that may be involved. However, in the event the reamortization agreement is recorded, the recording expense therefor will be borne by the Federal Farm Mortgage Corporation. (Sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 1016, 1020, 1020a, and Sup.; 6 CFR 19.4043, 19.4045) [Res. Ex. Com., Feb. 8, 1938] 27.9 Fees for change of maturity dates on loans. Where the borrower requests that the maturity dates on any loan (s) be changed, the following fees are required: (a) Federal land bank loan, $2.00; (b) Commissioner loan, $2.00; and (c) Joint loan (FLB & Commissioner), $3.00. (Sec. 13 "Ninth", 39 Stat. 372, sec. 32, 48 Stat. 48, as amended, secs. 1, 2, 48 Stat. 344, 345; 12 U.S.C. 781 "Ninth", 1016, 1020, 1020a, and Sup.) [Res. Ex. Com., Mar. 1, 1938] 27.10 Fees for subordination of mortgages, partial release of mortgage security, partial conveyance of contract security, and release of condemnation award funds; Federal land bank and/or Land Bank Commissioner mortgages. (a) The following fees and charges shall be paid to The Federal Land Bank of Saint This resolution dated June 28, 1938, incorporates regulations in effect on June 1, 1938. Page 81 |