Current through November, 2024
Section 15-165-13 - Procedural guide(a) The corporation shall prepare a procedural guide consistent with these rules. The procedural guide, as amended or supplemented from time to time by the board and at the board's sole discretion, shall cover without limitation guidelines and procedures relating to the following matters: (1) the purchase of eligible loans, which have been made to eligible borrowers by a mortgage lender;(2) the origination of eligible loans by a mortgage lender;(3) the servicing of eligible loans;(4) qualification for mortgage insurers, mortgage originators and mortgage servicers and their respective responsibilities and contractual obligations to the corporation;(5) fees, premiums and charges relating to housing loan programs;(6) individual or pooled mortgage insurance coverage for eligible loans; and(b) A copy of the procedural guide shall at all times be kept at the principal office of the corporation in its most current form and shall be available for inspection at the corporation's normal business hours.(c) The purchase of eligible loans from a mortgage lender shall be governed by a mortgage purchase agreement. The origination of eligible loans by a mortgage lender shall be governed by a mortgage origination agreement. The corporation may require mortgage lenders to sign and deliver such other documents which the corporation shall require generally for all housing loan programs or in connection with a housing loan program for a specific project or development. [Eff OCT 25 1999] (Auth: HRS § 2016-4, 2016-243) (Imp: HRS § 2016-244)