Illinois Administrative Code
Title 47 - HOUSING AND COMMUNITY DEVELOPMENT
Part 300 - HOMEOWNERSHIP MORTGAGE LOAN PROGRAM
Subpart B - LENDER APPLICATION PROCESS
Section 300.201 - Invitations to Participate in the Programs
Current through Register Vol. 48, No. 12, March 22, 2024
From time to time the Authority may send application materials to potential Lenders inviting them to submit to the Authority Lender Applications to participate in the Program. Lenders wishing to participate in the Program shall execute and return to the Authority: the Lender Application and the Mortgage Purchase Agreement (if not already executed). The Lender Application shall contain, but not be limited to, the following:
a) The unconditional agreement of the prospective Lender, effective upon acceptance of the Lender Application by the Authority, to sell to the Authority or its designee Mortgage Loans that comply with the terms of the Lender Application, the Mortgage Purchase Agreement, the Notice of Acceptance and the requirements of the Program;
b) Provision for the prospective Lender to furnish financial and other information as the Authority may reasonably require; and
c) A pro forma copy of any 1etter of credit or pledge of deposits or assets the Authority may require as security for the Lender's performance of its obligations under the Program.
