Code of Massachusetts Regulations
761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY
Title 761 CMR 10.00 - Statement Of Terms And Conditions
Section 10.03 - Irrevocability of Commitment Application; Acceptance by MHMFA

The Commitment Application and all obligations arising thereunder may not be revoked or withdrawn without the consent of MHMFA but shall terminate automatically if a Notice of Acceptance is not mailed (as evidenced by postmark) or delivered to the Seller by MHMFA within 30 days of the application deadline established by MHMFA. The Notice of Acceptance constitutes an agreement by MHMFA and by the Seller to execute the Loan Participation Agreement in accordance with the terms and conditions thereof.

In the event that MHMFA shall not accept all or part of the Commitment Amount requested by the Seller, MHMFA shall promptly refund to the Seller that part of the Commitment Fee submitted by the Seller in excess of one half of one percent of the Commitment Amount accepted by MHMFA. In the event that MHMFA shall accept the Commitment Application the Commitment Fee shall be retained by MHMFA except as provided in 761 CMR 10.05 hereof. The Commitment Fee shall be retained by MHMFA if the Seller shall fail to execute the Loan Participation Agreement or shall fail to deliver Loan Participations equal to the Commitment Amount prior to the end of the Delivery Period. In either of such events, the Agency also reserves its right to seek damages from the Seller to the extent losses incurred by the Agency exceed the Commitment Fee.