Frequently Asked Questions

We are a wholly owned subsidiary of Legence Bank in Eldorado, Illinois. Legence is a state-chartered bank. American Farm Mortgage & Financial Services is an agricultural farm real estate lender.

Farm and ranch real estate loans and leases. Occasionally an equipment or livestock loan is made in conjunction with a farm real estate loan.

• We do not make conventional residential loans.

Primarily through two sources:

1.) Direct employees – located in the Louisville office and southern Illinois office.

2.) Independent Agents – these individuals and companies are located throughout the U.S. and have been trained in the agricultural finance area prior to becoming an Agent for the company.

Responsibilities of the Agents include the following:

• Find new customer prospects
• Gather financial and other information pertinent to the underwriting process
• Prepare initial underwriting package to company for review and approval
• Present the customer with financing options provided by American Farm
• Perform periodic inspections of the collateral
• Assist in the collection of delinquent accounts

On farm loans, the Independent Agent collects an origination fee which is routinely shared with American Farm and is typically collected at or prior to closing. The Agents are also paid a servicing fee on the loan, which is based off the current outstanding balance.

Some loans are 100% sold after closing into the secondary market, others may be partially sold or participated to others.

• Sold loan – The loan is sold without recourse to another investor. These investors include Prudential Insurance Company and Federal Agricultural Mortgage Corporation (Farmer Mac), among others. Farmer Mac is known as the "country cousin" to Fannie Mae and Freddie Mac, which is a government sponsored enterprise. Prudential or Farmer Mac then becomes the lender on the loan and American Farm is under contract to help the new lender service the loan. 
• Participated – This loan is still owned by American Farm and they remain the lender of record with the customer and also on all recorded documents. A lender to lender transaction takes place where another investor agrees to buy a portion, or possibly all, of the investment from our company.

We also make loans where we obtain government guarantees. These are known as Farm Service Agency "FSA" guaranteed loans. The government guarantees 90% of the company's loss after liquidation of collateral. We are an FSA Preferred Lender in 32 states, and can operate in all 50 states. Prior to closing a loan in a new state, licensing requirements are reviewed and obtained.

The loan remains the property of American Farm, however the guarantee is sold. American Farm can sell a percentage of the loan that is guaranteed to a third party investor. The third party investor is typically Farmer Mac. American Farm retains the unguaranteed portion of the loan, but is still the lender of record on the entire loan.

American Farm retains the servicing after closing on all farm loans and leases, along with being the primary customer contact. The company utilizes the services of the Independent Agents where available to assist in the function.

Because we are a wholly owned subsidiary of a state bank, we are regulated by the FDIC. We also undergo regular loan reviews by companies where we sell loans, Farm Service Agency, and our parent company.

Payable to American Farm Mortgage & Financial Services and mail to our office at 8901 Greeneway Commons Place, Suite 200, Louisville, KY 40220.

At this time, we are not set up to accept payments over the phone or by credit card.

Yes, automatic withdrawals are available to our customers at no charge. If you are interested in having your payments automatically withdrawn, download our "Automatic Transfer Application" form. Once you have completed the form, mail it, along with a voided check, to our Accounting Department for quick processing.

Our billing statements are mailed out approximately the 10th of each month. If you have not received your statement by the 20th of the month, please call our Accounting Department to have a replacement bill immediately sent to you. 

If you do not receive your billing statement, please call our office at (800) 876-2362 and ask to speak with our Accounting Department. We have the ability to recreate the actual bill on demand. This bill can then be mailed, faxed, or emailed to the customer at their request.

Absolutely, we have the capability to provide you with an email statement that is both encrypted and secure. Please call our office at (800) 876-2362 and ask to speak with our Accounting Department.

If your mailing address has changed, you will need to complete the "Change of Address" form and submit it to our Accounting Department. This form is available under the main navigation – Customer Resources and you will then click on Forms.

If you have questions about your statement, please contact our office at (800) 876-2362 and ask to speak with our Accounting Department. They will gladly break your payment down in to interest and principal as well as answer any additional questions you may have.

American Farm follows Federal Guidelines. All 1098 mortgage statements are mailed prior to the January 31 deadline. 1098 Mortgage statements contain interest that was paid only during that year. For example, if your payment arrives on January 2nd, it cannot be "backdated" to the previous year.

Funds should be wired by 2:00 p.m. Eastern Standard Time as follows:

To: Legence Bank (Eldorado, Illinois)
ABA Routing# 0812-0486-7
Credit To: American Farm Mortgage and Financial Services
Account# 100-400-7
Contact Person at Legence: Lynn Byrd

You may call us at (800) 876-2362 and request a payoff upon verification of your identity. You may also fax in a signed request to (502) 964-0022. Please allow at least 48 hours for completion of payoff request.

If you are looking to purchase your first farm, refinance existing debt, or leverage equity to build asset strength, call our office at (800) 360-8044 and ask to speak with one of our Business Development Officers or Credit Analysts.

Initial items needed to begin your application approval process is a completed Loan Application, Current Financial Statement (dated within 60 days of application submission), Federal income Tax Returns for the last 4 years, Income and Expense Projections for the Upcoming Year, 4 Years Production Records plus the Projection, completed Credit Authorization Form, and Brief Description of Farming Operation. These forms are available under the Customer Resources main navigation. To see a complete list of the items we will need from you in order to process your loan request, please download the "Application Checklist" form under the link to Forms which is located under Customer Resources.

Yes, as a servicer of your loan, we are required to collect annual financial statements and copies of your federal income tax returns. Financial statements and tax returns submitted should include all entities signed on your Note. Don't forget to send a copy of all the supporting schedules as well. 

You can send us your updated annual financial information by mail, email, or fax. Contact our Servicing Department at (800) 360-8044 to learn how to securely submit your information via email.

Contact our office at (800) 360-8044 and ask to speak with our Servicing or Underwriting Department. They will gladly assist you with your inquiry.

If you would like to request a draw from your escrow account, contact our office at (800) 360-8044 and ask to speak with our Loan Assistants. They will gladly and promptly process your request.

You will need to call our office at (800) 360-8044 and ask to speak with our Servicing Department.

You will need to call our office at (800) 360-8044 and ask to speak with our Servicing Department.

Annual Financials and tax returns are required on most of our loans due to investor requirements and/or auditing purposes. 

Force placed insurance is insurance coverage (can be Hazard or Flood insurance) that American Farm Mortgage obtains on properties that are uninsured by the borrower, this could be due to insurance cancellation or non-renewals by the borrowers insurance company.

It is a requirement of all American Farm Mortgage loans (that are not secured by bare land) that insurance be obtained prior to loan closing and be in effect through-out the life of the loan.

If at any time the insurance on the loan lapses for any reason, American Farm Mortgage will obtain force placed insurance on the property. The amount of this insurance will be added to the borrowers loan balance at the time the premium is due. The premium for this insurance is normally substantially higher than insurance the borrower would be able to obtain through an insurance agent.

However, if at any point the borrower obtains/renews insurance on the property and provides American Farm Mortgage with proof of valid insurance. American Farm Mortgage will cancel the force placed coverage effective the date the new policy began and refund any unused premiums back to the borrower.

• Insurance coverage
• Real estate taxes
• Mortgage releases
• Requests for financial information

Please contact our Post Closing Department at 618-297-9006.

Loan availability subject to borrower meeting eligibility and credit guidelines. Terms subject to change.