R 125.142 Processing and evaluation of applications.

Rule 142. (1) An application for a mortgage loan must be processed by the authority staff based on the authority's processing and underwriting procedures and guidelines. The authority staff shall undertake and require applicants to obtain and submit land appraisals, market surveys and analyses, reviews of the architectural design, a site plan, construction costs, materials and methods, and other matters as may be determined to be appropriate to ensure that the proposed housing project is consistent with the authority's processing and underwriting procedures and guidelines. (2) An applicant may be required to furnish the authority staff with supplementary information and to amend the application so that the proposed housing project is consistent with the authority's processing and underwriting procedures and guidelines. (3) Except as provided for in R 125.143(3), upon completion of the processing and approval of the application by the executive director, the authority staff's analysis of the application and the executive director's recommendation shall be presented to the authority.