The qualification requirements for Participating Lenders in each program shall be set as the Trustees and/or Staff may determine to be necessary under the market conditions prevalent at the time the program is being developed and as may be determined by the Trustees and/or Staff in their discretion at the time of finalization of each program in question. By way of illustration, and not as a limitation, such qualifications for Participating Lenders may include one or more of the following:

1. (1) Minimum net worth;
2. (2) Minimum total assets;
3. (3) Qualified to issue mortgage backed securities of FNMA, GNMA, FHLMC or other similar issues of mortgage-backed securities;
4. (4) Qualified to originate and service mortgage loans for FHA, FNMA, FHLMC, RD, and/or VA;
5. (5) No defaults in performance under prior programs of OHFA;
6. (6) No suits pending against it;
7. (7) Maximum mortgage loan portfolio default rate on mortgage loans serviced by it;
8. (8) Maintain all necessary licenses required to do business in the State; and
9. (9) Such other criteria as the Trustees and/or Staff may deem in their discretion to be pertinent.

Amended at 37 Ok Reg 1709, eff 1-1-21

Amended at 40 Ok Reg 916, eff 1-1-24