94-457 C.M.R. ch. 615, § II - Forward purchase contracts with eligible lenders
A. The Authority may enter into contracts
with eligible lenders to purchase eligible loans to borrowers. Each contract
may provide:
1. That the Authority will
purchase eligible loans originated by eligible lenders and may limit purchases
of loans to eligible loans evidenced by a Promissory Note approved by the
Authority.
2. That one or more
servicers selected by the Authority may process the origination of eligible
loans at the request of the lender..
3. That eligible loans held by the Authority
will be serviced by one or more servicers selected by the Authority pursuant to
a Master Servicer Agreement.
4.
Loans must be held by the Lender for a minimum period of time prior to purchase
to be determined by the chief executive officer.
5. Such other terms and conditions as are
customary in the industry, as determined by the chief executive
officer.
B. Eligibility
The Authority may enter into a forward purchase contract with any eligible lender.
Notes
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