Current through Reg. 49, No. 12; March 22, 2024
(a) The board
will set qualifications and requirements, terms, and conditions, and all
contract specifications to be met by the administrator. No appointment of an
administrator shall be effective until a contract has been awarded by sealed
bid and duly executed by the board and the administrator. The functions of the
administrator may include, but are not limited to, the following:
(1) preparing guidelines for participation in
the program by participating lending institutions and distributing these
guidelines to all interested parties;
(2) preparing loan application forms and
information brochures for use by potential veteran loan applicants;
(3) reviewing applications by lending
institutions to participate in the program and recommending approval or
disapproval to the board;
(4)
maintaining a list of all approved participating lending institutions and
updating this list by the first day of January, April, July, and October of
each year and making this list available upon request to any interested party
for the actual cost of reproducing and mailing said list;
(5) reviewing title and loan papers for each
transaction under these rules and recommending approval or disapproval of them
to the board;
(6) assuring
compliance by participating lending institutions with qualification,
eligibility, and loan servicing guidelines and reviewing at least annually the
performance of each approved participating lending institution and recommending
whether the board's approval should be continued or revoked;
(7) overseeing fees and charges made by
participating lending institutions;
(8) acting as clearinghouse for loan
paperwork, including processing of loan payments by veterans;
(9) overseeing forfeiture, foreclosure, and
collection procedures;
(10)
preparing the provisions and terms of the contracts between the board and
participating lending institutions;
(11) consulting with the appropriate state
and federal authorities to obtain approval of the program by the VA, FHA, FNMA,
and FHLMC;
(12) providing all data
processing services required by the program; and
(13) making available at reasonable times and
for reasonable periods books, records, and supporting document kept current by
the administrator pertaining to the program for purposes of inspecting,
monitoring, auditing, or evaluating by the board, its representatives, and
representatives of the Office of the State Auditor.
(b) The contract between the administrator
and the board shall contain guidelines and standards for assessing the
performance of the administrator. The contract shall also described the
circumstances and conditions under which the board may dismiss the
administrator. The administrator's performance may be subject to an annual
review by the board's staff.
