NAC319.460. Invitations and application for lending institutions to originate, sell and service mortgage loans.

     1. For each program, the Division will mail to eligible lending institutions invitations to apply to originate and sell mortgage loans to the Division, or to originate and sell mortgage loans to the Division and to service such loans for the Division. The invitations will:

     (a) Describe the documents required to be submitted by a participating lending institution to the Division before the Division will purchase a mortgage loan; and

     (b) Set forth the maximum purchase price for a single-family residence, the maximum income for eligible borrowers and a formula for determining the price at which the Division will purchase a mortgage loan from a participating lending institution for the particular program.

Ê If necessary, the Division may require a participating lending institution to submit more documentation or information than that specified in the invitation.

     2. Upon request by an eligible lending institution that has received an invitation, the Division will send an application to that institution. To apply to participate in a program, an eligible lending institution must complete and return the application, accompanied by:

     (a) The form provided by the Division, entitled “Form of Opinion by Counsel to Lending Institution Applying to Sell Mortgage Loans to the Nevada Housing Division,” which has been completed by the legal counsel for the eligible lending institution; and

     (b) A copy of the most recent audited annual financial statement of the eligible lending institution.

     [Housing Division, Loans for Single-Family Homes Reg. § 4, eff. 5-8-78; A and renumbered as § 3, 7-23-80]—(NAC A by R166-99, 6-15-2000)