Sec. 2306.294. MORTGAGE LOAN PURCHASE PRICE. (a) On purchasing a mortgage loan or interest in a mortgage loan from a mortgage lender, the department shall pay a purchase price equal to the outstanding principal balance, except that a discount from the principal balance or the payment of a premium may be used to produce a fair rate of return consistent with the obligations of the department and the purposes of this chapter.
(b) In addition to payment of the outstanding principal balance, the department shall pay the accrued interest due to the date on which the mortgage loan is delivered against payment.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.
Structure Texas Statutes
Subtitle G - Economic Development Programs Involving Both State and Local Governments
Chapter 2306 - Texas Department of Housing and Community Affairs
Subchapter M. Housing Finance Division: Purchase and Sale of Mortgage Loans
Section 2306.291. Purchase and Sale of Mortgage Loans
Section 2306.292. Eligibility of Mortgage Loans for Purchase
Section 2306.293. Federally Assisted Mortgage Loans
Section 2306.294. Mortgage Loan Purchase Price
Section 2306.295. Rules Governing Purchase and Sale of Mortgage Loans
Section 2306.296. Review and Substitution of Purchased Mortgage Loans
Section 2306.297. Application of Provisions Relating to Loan Terms and Conditions