NAC319.545. Determination of money available; selection of participating lending institutions; notice of acceptance.

     1. The Division will determine annually the amount of money that is available for each program to purchase second mortgage loans for down payments or closing costs.

     2. To select the participating lending institutions that will participate in a program to purchase second mortgage loans for down payments or closing costs, the Division will:

     (a) Verify the status of the lending institution as a participating lending institution;

     (b) Consider the quality of participation of the participating lending institution in a program administered by the Division pursuant to NAC 319.300 to 319.489, inclusive; and

     (c) Consider the extent of previous participation, if any, of the participating lending institution in a program which is administered by the Division to purchase second mortgage loans for down payments or closing costs.

     3. The Division will issue a notice of acceptance to each lending institution that is selected by the Division to participate as a qualified participating lending institution in a program to purchase second mortgage loans for down payments or closing costs.

     (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000; A by R136-03, 11-26-2003)