Mich. Admin. Code R. 125.142 - Processing and evaluation of applications

Current through Vol. 22-05, April 1, 2022

Rule 142.

(1) An application for a mortgage loan shall be processed by the authority staff on the basis of the authority's processing and underwriting procedures and guidelines. The authority staff shall undertake such land appraisals, market surveys and analyses, reviews of the architectural design, site plan, and construction costs, materials and methods, and other matters as may be determined to be appropriate to insure that the proposed housing project is consistent with the authority's processing and underwriting procedures and guidelines.
(2) An applicant may be required to furnish the authority staff with supplementary information and to amend the application to cause the proposed housing project to be consistent with the authority's processing and underwriting procedures and guidelines.
(3) Except as provided for in R 125.143(3), upon completion of the processing and approval of the application by the executive director, the authority staff's analysis of the application and the executive director's recommendation with respect thereto shall be presented to the authority.

Notes

Mich. Admin. Code R. 125.142
1979 AC; 1981 AACS

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