§516-121  Acquisition loan programs;
procedures and requirements.  (a)  The corporation shall establish
procedures for:



(1)  The submission of requests or the invitation of
proposals for loans to mortgage lenders;



(2)  The purchase of existing loans by auction,
invitation of tenders, or negotiation;



(3)  The making of advance commitments to purchase and
the purchasing of eligible loans to be made by mortgage lenders by auction,
invitation of tenders, or negotiation; and



(4)  Loan applications made through mortgage lenders
to eligible borrowers.



(b)  The corporation shall establish standards
and requirements for:



(1)  The allocation of loans to mortgage lenders;



(2)  The allocation of funds to purchase existing
loans from mortgage lenders;



(3)  The making of advance commitments and allocation
of funds to purchase eligible loans from mortgage lenders; and



(4)  The participation by mortgage lenders as
originators and processors of eligible loans on behalf of the corporation.



(c)  The standards and requirements for the
allocation of funds to mortgage lenders adopted by the corporation shall be
designed to include the maximum number of qualified mortgage lenders as
participants in the acquisition loan programs.



(d)  The corporation may adopt rules under
chapter 91 necessary or convenient for the operation of the acquisition loan
programs under this part. [L 1983, c 270, pt of §1; am L 1987, c 337, §16; am L
1988, c 104, §2; am L 2005, c 196, §26(b); am L 2006, c 180, §16]