La. Admin. Code tit. 16 § I-331

Current through Register Vol. 50, No. 11, November 20, 2024

Section I-331 - Processing and Evaluation of Applications

A. An application for the purchase of an insured mortgage loan shall be processed by the agency or by a lending institution on behalf of the agency on the basis of the agency's evaluation factors. The lending institution shall undertake such land appraisals, market surveys and analyses, reviews of the architectural design, site plan and construction costs, materials and methods, and other matters as may be determined to be appropriate to insure that the proposed housing project is consistent in all respects with the agency's evaluation factors.

B. An applicant may be required to furnish the agency and lending institution supplementary information and to amend the application to cause the proposed housing project to be fully consistent with the agency's evaluation factors.

C. Upon completion of the processing and approval of the application by the lending institution, the lending institution's analysis of the application and recommendation with respect thereto shall be presented to the agency.

La. Admin. Code tit. 16, § I-331

Promulgated by the Department of Urban and Community Affairs, Housing Finance Agency, LR 7:197 (April 1981).

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.