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## II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT
### E. Title I Insured Programs
#### 4. Manufactured Home Loan Program
##### x. Disbursement Date
Disbursement Date refers to the date the proceeds of the Loan are made available to the Borrower.
The Disbursement Date must occur before the expiration of the credit documents.
##### xi. Disbursement of Loan Proceeds
###### (A) Standard
####### (1) Dealer Loan
The Lender must disburse the loan proceeds:
- solely to the Dealer or to the Borrower; or
- jointly to the Borrower and the Dealer or other parties to the transaction, including the property seller(s) or the financial institution that holds an existing loan that will be paid off with the new Loan.
The Lender must verify that loan proceeds are disbursed in the proper amount.
####### (2) Direct Loan
The Lender must disburse the loan proceeds solely to the Borrower or jointly to the Borrower and other parties to the transaction. The Lender must verify that loan proceeds are disbursed in the proper amount.
###### (B) Required Documentation
The Lender must obtain and include in the case binder the final Settlement Statement or other legal documentation detailing the transaction including fees, charges, and Disbursement.
##### xii. Per Diem Interest and Interest Credit
The Lender may collect per diem interest from the Disbursement Date to the date amortization begins.
Per diem interest must be computed using a factor of 1/365th of the annual rate.
##### xiii. Signatures
The Lender must ensure that the Loan, Note, and all closing documents are signed by all required parties in accordance with the Borrower Eligibility.
**Handbook 4000.1 1129**
**Last Revised: 01/10/2025**