Section 1-4 - Applications to Sell Mortgage Loans (a) The Authority from time to time will invite mortgage lenders to originate mortgage loans to be sold to the Authority.
(b) An application and related program documents submitted by a mortgage lender must include: - (i) The types of mortgage loans which the mortgage lender desires to sell to the Authority;
- (ii) Information regarding the mortgage lender's total assets, capital, surplus, undivided earnings and reserves as to its most recent available report, provided that in lieu thereof the Authority may rely upon the approval of a mortgage lender by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Housing Administration or any other mortgage insurer or purchaser as the Authority may approve by resolution; and
- (iii) The unconditional agreement of the mortgage lender, upon acceptance of the application by the Authority, to sell mortgage loans to the Authority which comply with the terms of the program.