1980.355—Review of requirements.
Upon the Lender's review of the conditional commitment, the Lender may determine whether to accept the conditions outlined in it.
(a) Accepting conditions.
Immediately after reviewing the conditions and requirements in the conditional commitment and the options listed on the back of the form, the Lender may proceed with loan closing. If the conditions cannot be met, the Lender and borrower may propose alternate conditions to RHS.
(b) Canceling commitment.
If the Lender indicates in the acceptance or rejection of conditions that it desires to obtain a loan note guarantee and subsequently decides prior to loan closing that it no longer wants a loan note guarantee, the Lender should immediately advise the RHS approval official.