24 NCAC 01D .0101. OBJECTIVES

(a)  One of the basic objectives of the agency is to finance the making of mortgage loans to persons and families of lower income to be used to enable such persons and families to purchase homes; agency has established a financing program to achieve this objective (herein referred to as the "single family mortgage purchase program").

(b)  There are two types of agency financing activity under the single family mortgage purchase program:  first, under the forward commitment mortgage purchase segment of the program (hereinafter referred to as "forward commitment") the agency agrees with a lender that if the lender will make mortgage loans to persons and families of lower income under certain terms and conditions specified in the North Carolina Housing Finance Agency mortgage purchase agreement, then the agency will buy such mortgage loans from the lender; second, under the existing mortgage purchase segment of the program (hereinafter referred to as "existing"), the agency agrees with a lender to purchase existing mortgage loans under the terms specified in the North Carolina Housing Finance Agency existing mortgage purchase agreement, pursuant to which the agency reviews a lender's portfolio of existing mortgage loans and selects certain mortgage loans which it purchases on the condition that lender (seller) expeditiously reinvest the proceeds of this sale in mortgage loans to persons and families of lower and moderate income.

 

History Note:        Filed as a Temporary Amendment Eff. December 30, 1981, For a Period of 120 Days to Expire on April 29, 1982;

Authority G.S. 122A‑5;

Eff. May 28, 1976;

Transferred from T15: 14 Eff. December 1, 1981;

Amended Eff. April 29, 1982.