HAR §15-312-30. Purpose

The purpose of this program is to allow the corporation to purchase eligible project loans from mortgage lenders. The purchase shall be based on an advance commitment by mortgage lenders to deliver a specified amount of the eligible project loans to the corporation. [Eff 4/23/2010; comp JAN 1 5 2022 ] (Auth: HRS §201H-97) (Imp: HRS §201H-105) 312-13 §15-312-30 (2) The demonstrated ability of the mortgage lenders to act as makers and servicers of the eligible project loans; and (3) The eligible project loans to be made by the mortgage lender. (c) The corporation shall establish such restrictions, as deemed necessary, on the annual return to the qualified sponsor and the mortgage lender, as described in the: (1) Loan agreement; and (2) Procedural handbook. (d) The loan agreement shall contain the terms and conditions of the loan to the mortgage lender which may include, among other things, the following: (1) The amount and nature of the collateral security the corporation may require; (2) The maturity date of the loan; (3) Prepayment penalties, if any; (4) The eligible project loans to be made by the mortgage lender; and (5) The qualified sponsor to whom the mortgage lender will make an eligible project loan. (e) The operation and implementation of the loans to lenders program shall be conducted in accordance with these rules and the procedural handbook. [Eff 4/23/2010; comp JAN 1 5 207.2 ] (Auth: HRS §201H-97) (Imp: HRS §S201H-102, 201H-103) SUBCHAPTER 4 ADVANCE COMMITMENTS PROGRAM