Code of Federal Regulations Title 7. Agriculture § 7.3565.102 Lender eligibility
Current as of October 02, 2022 | Updated by FindLaw Staff
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An eligible lender must be a licensed business entity or HFA in good standing in the state or states where it conducts business; be approved by the Agency; and meet at least one of the criteria contained below. Lenders who are not eligible may participate in the program if they maintain a correspondent relationship with a lender who is eligible. An eligible lender must:
(a) Meet the qualifications of, and be approved by, the Secretary of HUD to make multifamily housing loans that are to be insured under the National Housing Act;
(b) Meet the qualifications and be approved by Fannie Mae, Freddie Mac or Ginnie Mae to make multifamily housing loans that are to be sold to or securitized by such corporations;
(c) Be a state or local HFA, or a member of the Federal Home Loan Bank system, with a demonstrated ability to underwrite, originate, process, close, service, manage, and dispose of multifamily housing loans in a prudent manner;
(d) Be a lender who meets the requirements for Agency approval contained in this subpart and has a demonstrated ability to underwrite, originate, process, close, service, manage, and dispose of multifamily housing loans in a prudent manner; or
(e) Be a lender who meets the following requirements in addition to the other requirements of this subpart and of subpart I of this part:
(1) Have qualified staff to perform multifamily housing servicing and asset management;
(2) Have facilities and systems that support servicing and asset management functions; and
(3) Have documented procedures for carrying out servicing and asset management responsibilities.
Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.3565.102 Lender eligibility - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-3565-102/
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