(a) The department shall review each mortgage loan purchased or financed by the department to determine if the loan meets:
- (1) the conditions of this chapter;
- (2) the department's rules; and
- (3) any commitment made with the mortgage lender to purchase mortgage loans.
- (b) The department may require the substitution of another mortgage loan if it determines that a loan does not comply with the criteria of Subsection (a).
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.