Code of Massachusetts Regulations
761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY
Title 761 CMR 10.00 - Statement Of Terms And Conditions
Section 10.02 - Commitment

Universal Citation: 761 MA Code of Regs 761.10
Current through Register 1531, September 27, 2024

The Commitment Amount requested by any Seller shall be in a multiple of $50,000 with a minimum of $250,000 and a maximum of $2,500,000. The Commitment Amount shall equal 90% of the unpaid principal balance of the Mortgage Loans in which Loan Participations are offered for sale to MHMFA or contracted for purchase from the Seller, as the case may be. MHMFA shall specify in its Notice of Acceptance, if any, the Commitment Amount accepted and the portion of the Commitment Amount allocated to a Neighborhood Preservation Area, if such allocation was requested in the Commitment Application. Upon such acceptance, the Seller shall be obligated to deliver and sell to MHMFA Loan Participations in the Commitment Amount specified and to allocate the specified portion of the Commitment Amount for Loan Participations in Mortgage Loans financing the purchase or rehabilitation of property in such Neighborhood Preservation Areas.

Disclaimer: These regulations may not be the most recent version. Massachusetts 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.