| (a) An Applicant seeking assistance under the Program
must first contact a participating Mortgage Lender. A list of participating
Mortgage Lenders may be obtained on the Department's website or by
contacting the Department.
(b) Applicant shall complete an application with a
participating Mortgage Lender.
(c) Application Fees. Fees that may be collected by
the Mortgage Lender from the Applicant relating to a Mortgage Loan
include:
(1) an appropriate, as determined by the Department,
origination fee and/or buyer/seller points; and
(2) all usual and reasonable settlement or financing
costs that are permitted to be so collected by FHA, RHS, VA, Freddie
Mac or Fannie Mae, as applicable, and other applicable laws, but only
to the extent such charges do not exceed the usual and reasonable
amounts charged in the area in which the Residence is located. Such
usual and reasonable settlement or financing costs shall include an
application fee as determined by the Department, the total estimated
costs of a credit report on the Applicants and an appraisal of the
property to be financed with the Mortgage Loan, title insurance, survey
fees, credit reference fees, legal fees, appraisal fees and expenses,
credit report fees, FHA insurance premiums, private Mortgage guaranty
insurance premiums, VA guaranty fees, VA funding fees, RHS guaranty
fees, hazard or flood insurance premiums, abstract fees, tax service
fees, recording or registration fees, escrow fees, and file preparation
fees.
(d) The Department will determine from time to time
a schedule of fees and charges necessary for expenses and reserves
of the housing finance division as set forth in a Board resolution.
(e) The Mortgage Lender must register the Mortgage
Loan in accordance with the Department's published procedures.
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