Sec. 2306.296. REVIEW AND SUBSTITUTION OF PURCHASED MORTGAGE LOANS. (a) The department shall review each mortgage loan purchased or financed by the department to determine if the loan meets:
(1) the conditions of this chapter;
(2) the department's rules; and
(3) any commitment made with the mortgage lender to purchase mortgage loans.
(b) The department may require the substitution of another mortgage loan if it determines that a loan does not comply with the criteria of Subsection (a).
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