Current as of January 01, 2020 | Updated by FindLaw Staff
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1. The Bank may establish a residential mortgage loan program under which the Bank may originate residential mortgages if private sector mortgage loan services are not reasonably available. Under this program a local financial institution or credit union may assist the Bank in taking a loan application, gathering required documents, ordering required legal documents, and maintaining contact with the borrower.
2. If the Bank establishes a program under this section, at a minimum the program must provide:
a. An applicant must be referred to the Bank by a local financial institution or credit union;
b. The loan application must be for an owner-occupied primary residence; and
c. The Bank provide all regulatory disclosures, process and underwrite the loan, prepare closing documents, and disburse the loan.
3. The Bank may sell eligible first-time home buyer loans to the North Dakota housing finance agency.
Cite this article: FindLaw.com - North Dakota Century Code Title 6. Banks and Banking § 6-09-44. Residential mortgages - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-6-banks-and-banking/nd-cent-code-sect-6-09-44/
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