|(a) Applicants 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) All Applicants 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
(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 Federal Housing Administration
(FHA), Veteran's Administration (VA), Rural Housing Services (RHS),
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 home 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.