1. The Bank may establish a residential mortgage loan program under which the Bank may originate residential mortgages if private sector mortgage loan services are not reasonably available. Under this program a local financial institution or credit union may assist the Bank in taking a loan application, gathering required documents, ordering required legal documents, and maintaining contact with the borrower.

2. If the Bank establishes a program under this section, at a minimum the program must provide: a. An applicant must be referred to the Bank by a local financial institution or credit union; b. The loan application must be for an owner-occupied primary residence; and c. The Bank provide all regulatory disclosures, process and underwrite the loan, prepare closing documents, and disburse the loan.

3. The Bank may sell eligible first-time home buyer loans to the North Dakota housing finance agency.