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selling multifamily mortgages: (1) The immediate delivery
purchase program, and (2) the prior approval conventional
multifamily mortgage purchase program (prior approval program).
1. Immediate Delivery Purchase Program
Petitioner designed the immediate delivery purchase program
to accommodate the purchase of mortgages already closed and on an
originator’s books at the time an originator enters into a
purchase contract with petitioner. Although this program is
designed for portfolio mortgages, an originator may enter into an
immediate delivery purchase contract with petitioner before
actually closing on the mortgage. However, if for some reason
the mortgage cannot be delivered, petitioner can impose sanctions
on an originator.
To participate in the immediate delivery purchase program,
an originator telephones petitioner to make an offer for a
purchase contract. When petitioner receives a telephone offer
from an originator, that offer is “an irrevocable offer that the
[originator] may not modify.” Petitioner may accept an offer
within 2 business days of receiving the telephone offer. When
petitioner accepts an offer, it executes two copies of the
purchase contract and mails the contract to an originator.
Within 24 hours of receiving the purchase contract, an originator
must execute the contract and mail one copy along with a $1,500
nonrefundable application/review fee or 0.1 percent of the
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Last modified: May 25, 2011