HAR §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