HAR §15-314-31. Definitions

As used in this subchapter: "Commitment letter" means the corporation's notice to the mortgage lender of the acceptance of the mortgage lender's qualified request and the reservation of funds pursuant to the request. "Qualified request" means a request submitted by a mortgage lender to the corporation for the commitment of funds to a specific loan that meets all prerequisites necessary to be purchased by a federally sponsored or private entity such as the Government National Mortgage Association, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation. The information in the "qualified request" shall include but not be limited to, the borrowers' names and commitment fees. Incomplete requests will not be processed. Any mortgage lender submitting an incomplete request will be contacted within five business days from the date of receipt of the request by the corporation to be advised of the incomplete status. The mortgage lender will have ten business days to provide the missing items. F[I} §§0°venth business day, the request is rejected. [Eff ] (Auth: HRS §201H-97) (Imp: HRS §201H-106)