La. Admin. Code tit. 16 § II-907

Current through Register Vol. 50, No. 9, September 20, 2024

Section II-907 - Processing Qualifications of Borrowers Applications

A. An application for a mortgage loan shall be processed by a Louisiana Housing Corporation designated preferred lending institution on behalf of the Louisiana Housing Corporation and on the basis of the Louisiana Housing Corporations evaluation criteria. The lending institution shall undertake its own due diligence and other matters as may be determined to be appropriate to insure that the proposed loan is consistent in all respects with the Louisiana Housing Corporations evaluation factors. The Louisiana Housing Corporation will also underwrite the application.

B. When processing mortgage loan applications lenders must adhere to the published acquisition cost limits and or maximum loan sizes as defined by Fannie Mae and Freddie Mac.

C. Upon completion of the processing and approval of the application but not prior to the Louisiana Housing Corporations approval, the lending institution shall initiate a loan closing.

La. Admin. Code tit. 16, § II-907

Promulgated by the Department of Treasury, Louisiana Housing Corporation, LR 41:401 (February 2015).

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.