Haw. Code R. § 15-165-17 - Mortgage origination
A mortgage lender, who originates mortgage loans which are made in the name of the corporation, as the mortgage lender, will be responsible for satisfying all requirements necessary to close such mortgage loans. Without limitation, such a mortgage lender will be responsible for the following matters:
(1) Being familiar
with the requirements of the home loan program for which eligible loans will be
originated by the mortgage lender and closed in the name of the corporation, as
the mortgage lender;
(2) Receiving
and evaluating all loan applications and determining whether each loan
applicant meets the requirements necessary to be an eligible
borrower;
(3) Evaluating each loan
applicant's creditworthiness for a mortgage loan;
(4) Providing loan applicants and eligible
borrowers with all disclosures, including consumer credit disclosures, required
by applicable federal and State laws and any rules or regulations promulgated
there under;
(5) Securing mortgage
insurance for each mortgage loan from a mortgage insurer acceptable to the
corporation; and
(6) Doing all
things necessary to close mortgage loans to eligible borrowers in the name of
the corporation, as the mortgage lender.
Notes
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