Haw. Code R. § 15-312-22 - Process and procedures

(a) The corporation will advertise that lender loan applications are available to mortgage lenders at the principal office of the corporation at least thirty days prior to the deadline for submission of such applications to the corporation.

(b) The corporation may consider, among other things, in allocating the funds available for project loans:

(1) The financial condition of the mortgage lenders who submitted lender loan applications;

(2) The demonstrated ability of the mortgage lenders to act as makers and servicers of the eligible project loans; and

(3) The eligible project loans to be made by the mortgage lender.

(c) The corporation shall establish such restrictions, as deemed necessary, on the annual return to the qualified sponsor and the mortgage lender, as described in the:

(1) Loan agreement; and

(2) Procedural handbook.

(d) The loan agreement shall contain the terms and conditions of the loan to the mortgage lender which may include, among other things, the following:

(1) The amount and nature of the collateral security the corporation may require;

(2) The maturity date of the loan;

(3) Prepayment penalties, if any;

(4) The eligible project loans to be made by the mortgage lender; and

(5) The qualified sponsor to whom the mortgage lender will make an eligible project loan.

(e) The operation and implementation of the loans to lenders program shall be conducted in accordance with these rules and the procedural handbook.

Notes

Haw. Code R. § 15-312-22

[Eff APR 23 2010] (Auth: HRS § 201H-97) (Imp: HRS §§ 201H-102, 201H-103) Comp 1/15/2022