Current through Register Vol. 54, No. 25, June 22, 2024
Section 31.111 - Commitment applicationsThe Agency will make available to lending institutions who so request a form of loan commitment application at least 14 days in advance of the date such applications must be submitted to the Agency. The application shall be in the form prescribed by the Agency and shall contain, among other things, the following:
(1) Provision for the lending institution to state the maximum principal amount of loans which the lending institution offers to sell to the Agency.(2) The date by which the application must be received by the Agency in order to be considered for an allocation of funds.(3) Draft forms of the proposed loan purchase agreement and servicing agreement.(4) Provision for the lending institution to furnish information regarding its loan origination and servicing activities during a time period prescribed by the Agency.(5) Provision for payment by the lending institution of a commitment fee in an amount prescribed by the Agency as consideration for the Agency's issuance of a loan commitment.