Okla. Admin. Code § 330:25-7-1

Current through Vol. 42, No. 8, January 2, 2025

Section 330:25-7-1 - Eligible participants

OHFA shall endeavor to utilize the services of competent mortgage lending institutions already doing business in Oklahoma and meeting other program qualifications as set forth in the Agreement. Fees paid to participating lenders shall be fair and reasonable commensurate with the type of services rendered and shall be comparable with origination and/or servicing fees paid in private mortgage lending transactions of a similar type. Home mortgage lending institutions, including all qualified savings and loans, commercial banks and mortgage banking institutions maintaining an office within the State, which meet the criteria established by OHFA, shall be eligible to participate in origination of loans in the 1987 Program. These criteria may include, but not necessarily be limited to, the following:

(1) The approval of, and experience in originating and/or servicing loans under the provisions of GNMA and/or Fannie Mae.

(2) Authority to issue GNMA Mortgage Backed Securities.

(3) The delinquency ratios of the potential participant's loan portfolio(s).

(4) Financial strength.

(5) Experience with tax-exempt single family mortgage revenue bond programs.

(6) Qualification for direct endorsement of FHA Insurance or automatic guarantee by VA.

(7) Minimum allocation amounts.

Okla. Admin. Code § 330:25-7-1