Current through Register Vol. XLI, No. 50, December 13, 2024
Section 88-4-4 - Lender and Servicing Requirements4.1. The program is governed by and subject to the Act, this rule and the Procedural Guide.4.2. Program loans shall be originated and serviced using the processes set forth in the Procedural Guide.4.3. To participate as a lender under the Program, a lender must be a West Virginia Housing Development Fund approved participating lender under the requirements set forth in the Procedural Guide. The lender must comply with the Procedural Guide.4.4. The West Virginia Housing Development Fund shall pay the participating lender an origination premium for each eligible program loan in an amount equal to the origination premium for a West Virginia Housing Development Fund Homeownership Program loan, as set forth in the Procedural Guide.4.5. Program loans shall be serviced by the West Virginia Housing Development Fund and shall be subject to a customary loan servicing fee paid to the West Virginia Housing Development Fund, according to the loan type. A servicing release premium shall be paid by the West Virginia Housing Development Fund to the lender in accordance with the provisions of the Procedural Guide.4.6. Lenders shall provide the West Virginia Housing Development Fund and the Legislative Auditor access to all records and documents related to program loans.