§206E-110  Reserved housing loan programs;procedures and requirements.  (a)  The authority shall establish proceduresfor:

(1)  The submission of requests or the invitation ofproposals 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 andthe purchasing of eligible loans or eligible project loans to be made bymortgage lenders by auction, invitation of tenders, or negotiation; and

(4)  Loan applications made through mortgage lendersto eligible borrowers or qualified sponsors.

(b)  The authority shall establish standardsand requirements for:

(1)  The allocation of loans to mortgage lenders;

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

(3)  The making of advance commitments and allocationof funds to purchase eligible loans or eligible project loans from mortgagelenders; and

(4)  The participation by mortgage lenders asoriginators and processors of eligible loans or eligible project loans onbehalf of the authority.

(c)  The standards and requirements for theallocation of funds to mortgage lenders adopted by the authority shall bedesigned to include the maximum number of qualified mortgage lenders asparticipants in the reserved housing loan programs.

(d)  The authority may adopt rules necessary orconvenient for the operation of the reserved housing loan programs under thispart. [L 1982, c 228, pt of §8]