The Board shall not be obligated to purchase a loan from an originating correspondent unless all of the requirements for such purchase have been met and the Board has executed a commitment to purchase such loan.

Note: Authority cited: Sections 20120 and 20200, Government Code. Reference: Section 20200, Government Code.

History

1. Amendment of Note filed 11-18-2004; operative 12-18-2004 (Register 2004, No. 47).

2. Renumbering of former section 561.11 to new section 561.10 and renumbering of former section 561.12 to new section 561.11 filed 12-21-2010; operative 1-20-2011 (Register 2010, No. 52).