Section 6-09-44 - Residential mortgages1. The Bank may establish a residential mortgage loan program under which the Bank may originate residential mortgages if private sector mortgage loan services are not reasonably available. Under this program a local financial institution or credit union may assist the Bank in taking a loan application, gathering required documents, ordering required legal documents, and maintaining contact with the borrower.2. If the Bank establishes a program under this section, at a minimum the program must provide:a. An applicant must be referred to the Bank by a local financial institution or credit union;b. The loan application must be for an owner-occupied primary residence; andc. The Bank provide all regulatory disclosures, process and underwrite the loan, prepare closing documents, and disburse the loan. 3. The Bank may sell eligible first-time home buyer loans to the North Dakota housing finance agency.Amended by S.L. 2019, ch. 83 (SB 2098),§ 1, eff. 8/1/2019.Amended by S.L. 2013, ch. 81 (SB 2064),§ 1, eff. 8/1/2013.Added by S.L. 2011, ch. 79 (SB 2078),§ 1, eff. 7/1/2011.