Loan Approval Or Disapproval

(1) The Agency shall establish operating procedures for evaluation of applicants and mortgages pursuant to the standards set forth in these regulations. (2) The Executive Director is authorized to approve or disapprove mortgages in accordance with these regulations, existing rules of practice and processing instructions. (3) Upon approval of an application, acceptance shall be evidenced by the issuance of a commitment setting forth the terms and conditions of the mortgage. (4) If a mortgage is disapproved, the reasons for such action shall be stated in a letter to the applicant from the Executive Director.