La. Admin. Code tit. 16 § I-353

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

Section I-353 - Administration and Servicing of Insured Mortgage Loans

A. Each lending institution shall service and administer the insured mortgage loans in accordance with the agreement.

B. Without limiting the generality of the foregoing Subsection, in the event any lending institution is an institution regulated by the FSLIC or FDIC, the agency may require that such lending institution will agree to service the insured mortgage loans in the manner and according to standards required by such regulatory body and in no event at a lesser standard of service than is maintained on loans owned by such lending institution. In the event any lending institution not so regulated by FSLIC or FDIC, each such lending institution not so regulated will agree to service the insured mortgage loans in accordance with the then current loan servicing requirements of either FHLMC or FNMA relating to mortgage loans originated and serviced under programs regulated by FHLMC or FNMA, as the case may be.

C. Each lending institution, in addition, will agree to service the insured mortgage loans in such a manner that the federal, state or private mortgage loan insurance or guarantee is maintained.

La. Admin. Code tit. 16, § I-353

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.