Haw. Code R. § 6-27-17 - Certification of applicant's eligibility; delivery of loan
(a) The lender shall be responsible for
obtaining from the system certification as to whether the applicant is eligible
for a member home loan. The name of every applicant who is a member shall be
submitted to the system for certification.
(b) Before the applicant's name is submitted
for certification, the lender shall obtain the sales contract, agreement of
sale document, construction contract, plans and specifications, whichever
applies. Until certification of eligibility is obtained from the system, the
lender shall not incur any costs chargeable to the applicant.
(c) The terms and conditions of a member home
loan shall be in accordance with this chapter in effect on the date of the
applicant's certification of eligibility.
(d) The lender shall disburse the loan
proceeds within four months after date of the certification, or within ten
months where new home construction is involved under this program, or within
six months where home improvement is involved under this program.
(e) The lender shall deliver the loan file to
the system for approval to purchase within six months after the date of
certification, or within fourteen months after the date of certification where
new home construction under this program is involved, or within ten months
after the date of certification where home improvement under this program is
involved.
(f) The lender shall sell
the loan to the system within one month after the date of the letter of
approval to purchase by the system.
(g) The lender may request a precertification
of eligibility if the lender anticipates that the loan proceeds cannot be
disbursed within four months after the date of certification.
Notes
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