This course provides information on loss mitigation options to Servicers that service Section 502 Guaranteed Loans.
A Servicer may be defined as
the organization making, holding, and/or servicing the loan which is guaranteed under the provisions of RD Instruction 1980-D Subpart D
the party requesting the guarantee, or
an entity purchasing a guaranteed loan from Rural Development
The Servicer is primarily responsible for originating, underwriting, servicing, and where necessary, liquidating the loan and disposing of the property in a manner consistent with maximizing the Government’s interest. A purchasing Servicer acquires all the privileges, duties, and responsibilities of the origination Servicer.
