USDA Announces Updates to Rural Development Handbooks and Manuals

The USDA Office of Rural Development recently released Procedure Notice 539, announcing updates to the Single Family Housing Guaranteed Loan Program Technical Handbook (HB-1-3555) and the Manufactured Housing Asset Management Handbook (HB-2-3560).  In addition, the USDA announced updates to various program rates and the Treasury Judgement Rate that are found in the Rural Development Manual (RD Instruction 440.1), effective August 1, 2020.

The announced changes to the USDA handbooks are mostly administrative and clarifying in nature.  However, the more significant changes to HB-1-3555 announced in Procedure Notice 539 include a new, clearer definition of “modular homes,” and clarification of requirements for the use of electronic signatures (e.g., eNotes and lender due diligence).  The notice also announces various changes to HB-2-3560 regarding the “occupied unit fee,” “add-on fee,” and fiscal year 2021 management fee.”