- 8 -
converted to a mandatory delivery contract within the 60-day
optional delivery period, the mortgage may not be delivered and
[petitioner] will retain the entire 2-percent commitment fee
required pursuant to section 3004.” The Sellers’ & Servicers’
Guide also provides:
The optional delivery date stated in the purchase
contract will be within 60 days from the date
[petitioner] issues the purchase contract plus the 10-
business-day period in which the [originator] may
accept the purchase contract. During the 60-day
period, if the [originator] intends to deliver the
mortgage(s) to [petitioner], the [originator] must
convert the optional delivery purchase contract to a
30-day mandatory delivery purchase contract. * * *
To receive a prior approval purchase contract from
petitioner, an originator must submit a request for prior
approval of a specific multifamily project. Along with the
request, an originator paid a nonrefundable loan application fee
of the greater of $1,500 or 0.10 percent of the original
principal amount of the mortgage (but not in excess of $2,500).
After completion of processing, including underwriting and
property inspections, petitioner would determine whether the
mortgage was acceptable. Id. If acceptable, petitioner would
execute a prior approval purchase contract (also called Form 6),
which it mailed to an originator. An originator wishing to
participate in the prior approval program would execute the Form
6, and mail or deliver it to petitioner no later than 10 business
days from the
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011