HAR §15-314-22. Process and procedure

(a) The corporation shall make available to all mortgage lenders a commitment application at least thirty days in advance of the deadline for submission to the corporation. The commitment application shall be made available on the corporation's website. (b) To allocate available funds to meet the commitments requested by mortgage lenders, the corporation may consider, among other things: (1) The total amount of the commitments requested by the mortgage lenders; (2) The financial condition of the mortgage lenders who submit commitment applications; (3) The volume of residential mortgage loans made in the State by the mortgage lenders during the preceding twelve-month period; (4) The demonstrated ability of the mortgage lenders to act as servicers of the eligible loans to be purchased by the corporation; (5) The desire to achieve a reasonable geographic distribution of available funds throughout the State; and (6) The desire to have as many mortgage lenders as possible participate in the program. (c) The corporation may determine the allocation between single family dwellings and condominium units by the total dollar amount of the commitment. Allocations for new construction projects shall be approved by the corporation prior to the making of such reservations by mortgage lenders. The method of allocation or mortgage fund reservation shall be set forth in the commitment application for the effective period. The method of allocation and the method of mortgage fund reservation shall be posted to the corporation's website and is subject to change at the discretion of the corporation. (d) The corporation may issue a notice of acceptance as prescribed in the commitment application, which shall be made on or before the date of the sale of the bonds. (e) The purchase price of a mortgage loan to be acquired by the corporation will be negotiated between the corporation and the mortgage lender and shall not be in excess of one hundred per cent of the unpaid principal balance of the mortgage 314-7 §15-314-22 of acceptance" means the lender ?{ "the acceptance (Err MAY 23 2025 1 "Notice the mortgage application. HRS §201H-105) corporation's notice to of its commitment (Auth: HRS §201H-97) (Imp: