- (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.
Authority: T.C.A. §13—23—115 (18). Administrative History: Original rule filed July 24, 1974; effective August 23, 1974.