4.10.2.15 LENDING INSTITUTION'S PROCEDURES:
- A. After approval by the division of a preliminary loan application form and identification of a lending institution, the designated officer of the lending institution will advise the property owner of any additional documentation required by the lending institution.
- B. Applicants will be notified in writing by the lending institution regarding its determination to approve or disapprove a loan for a project. The designated officer of the lending institution will advise the borrower of the amount, terms and conditions of the loan.
C. Approval of a loan or loan subsidy from the loan pool will be made in accordance with the lending institution's customary and prudent lending practices.
[7/16/97; 4.10.2.15 NMAC - Rn, 4 NMAC 10.2.15, 1/1/08]