Okla. Admin. Code § 330:15-7-2

Current through Vol. 42, No. 4, November 1, 2024

Section 330:15-7-2 - Qualifications of Participating Lenders in each program

The qualification requirements for Participating Lenders in each program shall be set as the Trustees and/or Staff may determine to be necessary under the market conditions prevalent at the time the program is being developed and as may be determined by the Trustees and/or Staff in their discretion at the time of finalization of each program in question. By way of illustration, and not as a limitation, such qualifications for Participating Lenders may include one or more of the following:

(1) Minimum net worth;

(2) Minimum total assets;

(3) Qualified to issue mortgage backed securities of FNMA, GNMA, FHLMC or other similar issues of mortgage-backed securities;

(4) Qualified to originate and service mortgage loans for FHA, FNMA, FHLMC, RD, and/or VA;

(5) No defaults in performance under prior programs of OHFA;

(6) No suits pending against it;

(7) Maximum mortgage loan portfolio default rate on mortgage loans serviced by it;

(8) Maintain all necessary licenses required to do business in the State; and

(9) Such other criteria as the Trustees and/or Staff may deem in their discretion to be pertinent.

Okla. Admin. Code § 330:15-7-2

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 1/1/2021

Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff. 1/1/2024