To be approved by the Board for participation in the program, a mortgage lender must meet the requirements to be a qualified mortgage lender as specified by:
- (1) Federal Housing Administration (FHA);
- (2) Veteran's Administration (VA);
- (3) Rural Housing Service's (RHS); and
- (4) be a lender currently participating in the conventional home lending market for loans originated in accordance with Fannie Mae's and/or Freddie Mac's requirements;
- (5) agree to originate mortgage loans and assign those loans and related mortgages and servicing to the Department's master servicer;
- (6) originate, process, underwrite, close and fund originated loans; and
- (7) be an approved seller/servicer with the program's master servicer.
Source Note:The provisions of this §28.7 adopted to be effective October 30, 2012, 37 TexReg 8504.