Illinois Administrative Code
Title 47 - HOUSING AND COMMUNITY DEVELOPMENT
Part 366 - AFFORDABLE HOUSING BOND PROGRAM - SINGLE FAMILY
Subpart C - LENDER APPLICATION PROCESS
Section 366.301 - Invitations to Sell Loans

Universal Citation: 47 IL Admin Code ยง 366.301

Current through Register Vol. 48, No. 12, March 22, 2024

Upon approval of a Single Family Program by the Members, the Authority may send application materials to potential Lenders inviting them to submit to the Authority applications to participate in a Series Program. Lenders wishing to participate in such Series Program shall execute and return to the Authority the following documents: the Lender Application, the Mortgage Purchase Agreement (if not already executed) and the Servicing Agreement (if applicable and if not already executed). In addition, the Lender Application shall contain the following:

a) The agreement of the prospective Lender, effective upon acceptance of the Lender Application by the Authority, to sell to the Authority Loans that comply with the terms of the Lender Application, the Notice of Acceptance and the Mortgage Purchase Agreement;

b) The date by which the Lender Application must be submitted to the Authority;

c) Provision for the prospective Lender to furnish such financial and other information as the Authority may reasonably require; and

d) A statement of the maximum amount of fees and charges the Lender may charge a prospective Eligible Borrower in connection with a Loan.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.