Ill. Admin. Code tit. 47 § 366.301

Current through Register Vol. 48, No. 50, December 13, 2024

Section 366.301 - Invitations to Sell Loans

Upon approval of a Single Family Program by the Members, the Authority may send application materials to potential Lenders inviting them to submit to the Authority applications to participate in a Series Program. Lenders wishing to participate in such Series Program shall execute and return to the Authority the following documents: the Lender Application, the Mortgage Purchase Agreement (if not already executed) and the Servicing Agreement (if applicable and if not already executed). In addition, the Lender Application shall contain the following:

a) The agreement of the prospective Lender, effective upon acceptance of the Lender Application by the Authority, to sell to the Authority Loans that comply with the terms of the Lender Application, the Notice of Acceptance and the Mortgage Purchase Agreement;

b) The date by which the Lender Application must be submitted to the Authority;

c) Provision for the prospective Lender to furnish such financial and other information as the Authority may reasonably require; and

d) A statement of the maximum amount of fees and charges the Lender may charge a prospective Eligible Borrower in connection with a Loan.

Ill. Admin. Code tit. 47, § 366.301