§ 3.100.040. Regulations establishing criteria for qualification of lending institutions.


Latest version.
  • Pursuant to section 52020 of the Act, the County hereby adopts the following criteria for qualification of lending institutions for the program:

    1.

    Such lending institution shall be seller/servicer approved by either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation;

    2.

    The lending institution shall have demonstrated the capacity to originate and service home mortgages of the nature and in the number proposed for the program, as shown by information filed with respect to invitations distributed by the County Director of Housing and Community Development;

    3.

    Final selection of a qualified lending institution shall be based upon the foregoing and the agreement of the lending institution to provide such services at a reasonable cost most advantageous to the homebuyers participating in the program.

(Prior code § 3910.4; Ord. 2787, 05/18/82)