NAC319.463. Criteria for eligibility to participate in program; notice of acceptance.

     1. To be eligible to participate in a program, a lending institution must:

     (a) Have a net worth of at least $500,000;

     (b) Maintain at least one office within this State that originates loans and deeds of trusts;

     (c) Customarily engage in originating or servicing loans and deeds of trusts, or in originating and servicing loans and deeds of trusts;

     (d) Be qualified to do business in this State;

     (e) Be licensed as required by applicable law;

     (f) Be authorized to commence business under a certificate issued by the Commissioner of Financial Institutions or the Commissioner of Mortgage Lending, if required by law;

     (g) Be in good standing with the federal, state or local regulatory agency having jurisdiction; and

     (h) Be a mortgagee approved by the Federal Housing Administration and the Department of Veterans Affairs, or be a seller or servicer of mortgage loans to and for the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.

     2. The Division will issue a notice of acceptance to each eligible lending institution which applies and is accepted by the Division to participate in a program.

     [Housing Division, Loans for Single-Family Homes Reg. § 5, eff. 5-8-78; A and renumbered as § 4, 7-23-80]—(NAC A 10-26-83; A by R166-99, 6-15-2000; R136-03, 11-26-2003)