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Section .0100 ‑ General Information


Published: 2015

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SUBCHAPTER 1D ‑ SINGLE FAMILY MORTGAGE PURCHASE

PROGRAM

 

SECTION .0100 ‑ GENERAL INFORMATION

 

24 NCAC 01D .0101          OBJECTIVES

(a)  One of the basic objectives of the agency is to finance

the making of mortgage loans to persons and families of lower income to be used

to enable such persons and families to purchase homes; agency has established a

financing program to achieve this objective (herein referred to as the

"single family mortgage purchase program").

(b)  There are two types of agency financing activity under

the single family mortgage purchase program:  first, under the forward

commitment mortgage purchase segment of the program (hereinafter referred to as

"forward commitment") the agency agrees with a lender that if the

lender will make mortgage loans to persons and families of lower income under

certain terms and conditions specified in the North Carolina Housing Finance

Agency mortgage purchase agreement, then the agency will buy such mortgage

loans from the lender; second, under the existing mortgage purchase segment of

the program (hereinafter referred to as "existing"), the agency

agrees with a lender to purchase existing mortgage loans under the terms

specified in the North Carolina Housing Finance Agency existing mortgage

purchase agreement, pursuant to which the agency reviews a lender's portfolio

of existing mortgage loans and selects certain mortgage loans which it

purchases on the condition that lender (seller) expeditiously reinvest the

proceeds of this sale in mortgage loans to persons and families of lower and

moderate income.

 

History Note:        Filed as a Temporary Amendment Eff.

December 30, 1981, For a Period of 120 Days to Expire on April 29, 1982;

Authority G.S. 122A‑5;

Eff. May 28, 1976;

Transferred from T15: 14 Eff. December 1, 1981;

Amended Eff. April 29, 1982.