Section 457-615-II - Forward purchase contracts with eligible lendersA. The Authority may enter into contracts with eligible lenders to purchase eligible loans to borrowers. Each contract may provide: 1. That the Authority will purchase eligible loans originated by eligible lenders and may limit purchases of loans to eligible loans evidenced by a Promissory Note approved by the Authority.2. That one or more servicers selected by the Authority may process the origination of eligible loans at the request of the lender..3. That eligible loans held by the Authority will be serviced by one or more servicers selected by the Authority pursuant to a Master Servicer Agreement.4. Loans must be held by the Lender for a minimum period of time prior to purchase to be determined by the chief executive officer.5. Such other terms and conditions as are customary in the industry, as determined by the chief executive officer.B. Eligibility The Authority may enter into a forward purchase contract with any eligible lender.
94- 457 C.M.R. ch. 615, § II