N.J. Admin. Code § 5:80-13.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 5:80-13.4 - Execution of mortgage purchase agreement, mortgage servicing agreement; Term Sheet; Notice of Acceptance

The Agency and each mortgage seller will enter in a Mortgage Purchase Agreement and Mortgage Servicing Agreement stating the conditions under which sellers will originate and the Agency will purchase mortgage loans financed under this Section. The Agency will provide a Term Sheet for each mortgage program which shall set forth the terms of all loans, mortgage delivery period and other requirements. All loans originated under a commitment allocation must conform to the requirements of the Term Sheet which shall be incorporated into the Mortgage Purchase Agreement by reference. The amount of the allocation provided to each mortgage seller for each program shall be set forth in a Notice of Acceptance.