Section 10-B3808. LOAN PROCESSING AND PROGRAM DOCUMENTS

 

3808.1Mortgage loans to be purchased under the Program shall be originated by Approved Mortgage Lenders and serviced by Approved Mortgage Lenders or a Master servicer.

 

3808.2Each Approved Mortgage Lender shall originate all Mortgage loans in accordance with the lender's then current standard underwriting policies, the standards of FNMA, FHA or FHLMC (or their respective successors), as applicable, and of the Agency or its designee.

 

3808.3Each Approved Mortgage Lender or Master servicer shall service all Mortgage loans in accordance with the standards set by the Program documents.

 

3808.4The standards for originating and servicing Mortgage loans may be modified from time to time by the Agency.

 

3808.5The implementation of the Program may include the production and execution of certain Program documents, including, but not limited to, the following:

 

(a)Participating Mortgage Lender Single Family Program Agreement;

 

(b)Invitation to reserve funds; and

 

(c)Lender's manual.

 

3808.6The Program documents shall be provided by the Agency and may be amended by the Agency from time to time. The Program documents shall be consulted in conjunction with the applicable provisions of this chapter to fully describe the Program and its procedures.

 

 

authority

Section 306 of the District of Columbia Housing Finance Agency Act of 1979, effective March 3, 1979, (D.C. Law 2-135; D.C. Official Code § 42-2703.06 (2012 Repl.)) (Act), and 10-B DCMR § 3508.1.

source

Final Rulemaking published at 30 DCR 4930, 4936 (September 23, 1983); as amended by Final Rulemaking published at 61 DCR 4156 (April 25, 2014).