Commitments for mortgage purchase (Repealed)

(a) A participating lender shall submit each mortgage loan application approved by it to CHFA with all information and documents required to comply with the rules and regulations of the commissioner of banking, the mortgage insurer or guarantor, and the Home Mortgage Programs Operating Manual. Such submission shall be made as soon as is reasonably possible after the collection of all required documentation, including the commitment for mortgage insurance or guaranty. A commitment to purchase a CHFA mortgage loan shall be sent to a participating lender after a mortgage loan application submitted by such lender to CHFA has been approved. Such a commitment is effective only for the period designated therein, unless extended in writing by CHFA. CHFA has sole discretion as to the granting of extensions. Loans are purchased by CHFA in accordance with such commitment and pursuant to Section 8-248 E-30 of these regulations. (b) CHFA reserves the right to place such special conditions on commitments as it deems necessary to ensure compliance with these regulations and with federal law or regulations. Participating lenders are responsible for closing loans in compliance with any such conditions as may apply. (c) Requests for extension or cancellation of a commitment shall be in writing and signed by a mortgage officer or other authorized representative of the participating lender. Participating lenders shall promptly notify CHFA in writing of cancellations. (d) The substitution of property for which funds have been reserved, either before or after the issuance of a commitment, shall be permitted only with the written consent of CHFA. The granting of such consent is within the sole discretion of CHFA and will be made only upon a showing of substantial hardship, not known to or reasonably foreseeable by the borrower at the time of application. No substitution of borrower shall be permitted at any time. CHFA may decline to reserve funds for an applicant who has other CHFA funds reserved. (e) An application to CHFA for a commitment to purchase a CHFA mortgage loan may be resubmitted only once after having been rejected. Different CHFA staff members authorized to review mortgage loans shall review the submission and any resubmission of an application.