| (a) To be approved by the Department for participation
in the program, a Mortgage Lender must meet the requirements in the
Participation Packet to be a qualified Mortgage Lender as specified
by:
(1) FHA;
(2) RHS;
(3) VA; or
(4) be a lender currently participating in the conventional
home lending market for loans originated in accordance with Fannie
Mae's and/or Freddie Mac's requirements.
(b) As a condition for participation in the Program,
a qualified Mortgage Lender must:
(1) agree to originate Mortgage Loans and assign those
loans and related Mortgages and servicing to the Department's master
servicer;
(2) originate, process, underwrite, close and fund
originated loans; and
(3) be an approved Mortgage Lender with the Program's
master servicer.
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