Section 20.01 - Eligible Seller/ServicerThe Seller or Servicer of a Mortgage Loan in which MHMFA purchases a Loan Participation shall:
(1) be a corporation duly organized and validly existing under the Laws of the state or commonwealth in which it is organized and shall be in good standing in the Commonwealth of Massachusetts and shall have the power and authority, corporate and otherwise, to own its properties and carry on its business as now being conducted, and shall be duly qualified to do such business in the Commonwealth and wherever such qualification is required.(2) be a Mortgage Lender as that term is defined in the Massachusetts Home Mortgage Finance Agency Act constituting St. 1974, c. 846, as amended;(3) not be under any cease and desist order or other order of a similar nature, temporary or permanent, or any federal or state authority, not have any proceedings in progress or to its knowledge contemplated which would, if successful, lead to the issuance of any such order. Seller/Servicer shall maintain offices in The Commonwealth of Massachusetts;(4) have obtained the consent or approval of any government instrumentality if such consent or approval is required for the Mortgage Lender to submit a Commitment Application or sell Loan Participations to MHMFA.