Minnesota Administrative Rules
Agency 109 - Rural Finance Authority
Chapter 1651 - SELLER-SPONSORED LOAN PARTICIPATION
SELLER-SPONSORED LOAN PARTICIPATION PROGRAM
Part 1651.0071 - RFA REVIEW, NOTICE, AND APPEAL

Universal Citation: MN Rules 1651.0071

Current through Register Vol. 49, No. 13, September 23, 2024

Subpart 1. RFA review.

The RFA shall accept or reject a lender's offer to participate in the loan within 30 business days after receipt of the lender's offer. If the documentation is not sufficient to make a determination, the RFA may request additional information to establish creditworthiness and eligibility of the applicant.

Subp. 2. RFA acceptance.

The RFA shall accept an offer if:

A. the seller is eligible;

B. the applicant is eligible in accordance with this chapter and Minnesota Statutes, section 41B.03, subdivision 5;

C. the applicant demonstrates an ability to repay the first mortgage loan and other obligations based on the financial information submitted under part 1651.0061, subpart 2;

D. the sale price of the property is not substantially in excess of its fair market value; and

E. the RFA has sufficient funds available to purchase a participation in the loan.

Subp. 3. RFA notice.

The RFA shall promptly notify the lender in writing whether or not the offer is accepted. If the offer is not accepted, the notice must state the reasons.

Subp. 4. Administrative appeal.

If an offer is rejected, either the lender or the applicant may petition for RFA reconsideration. The petition must be in writing and must be sent within 30 working days of the date of the RFA notice. The petition must state the grounds for the appeal, and may include additional relevant information. Within 15 working days of receiving the petition, the executive director shall send a written response to the petitioner upholding or reversing the original decision and giving the reasons for the decision.

Subp. 5. Formal appeal.

After administrative appeal, a petitioner may appeal the executive director's decision directly to the RFA board by written notice to the executive director within 15 days of receiving the executive director's reconsideration decision. The decision of the board is final.

Statutory Authority: MS s 41B.07; 41C.13

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