La. Admin. Code tit. 16 § I-341
Current through Register Vol. 50, No. 11, November 20, 2024
Section I-341 - Offer to ParticipateA. The agency from time to time by resolution shall approve the form of the offer to participate and agreement for submission to lending institutions with offices in the state. The offer to participate made by a lending institution in response to the Invitation shall incorporate the agreement by reference, shall be a unilateral offer and shall be a binding contract between the agency and the lending institution upon acceptance and notice of acceptance by the agency.B. The offer to participate of a lending institution shall state the aggregate principal amount of the insured mortgage loans it offers to originate pursuant to the agency's program and the period within which such insured mortgage loans are to be originated. The lending institution shall submit its commitment fee with the offer to participate and shall state that it will deliver the letter of credit, if required, at or before the time of the purchase of the agency's bonds. In addition, the lending institution shall submit with the offer to participate a certificate of information which shall detail its historical mortgage loan origination and servicing experience.C. The agency shall notify each lending institution which has submitted an offer to participate as to the aggregate principal balance of insured mortgage loans, if any, the agency will agree to purchase, subject to the conditions set forth in the agreement. The aggregate principal balance of insured mortgage loans which the agency will agree to purchase from any lending institution shall not exceed the aggregate principal balance of the insured mortgage loans offered for sale by the lending institution and may be in an amount less than that requested.La. Admin. Code tit. 16, § I-341
Promulgated by the Department of Urban and Community Affairs, Housing Finance Agency, LR 7:198 (April 1981).AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.