Texas Government Code 2306.296 – Review and Substitution of Purchased Mortgage Loans
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(a) The department shall review each mortgage loan purchased or financed by the department to determine if the loan meets:
(1) the conditions of this chapter;
(2) the department’s rules; and
(3) any commitment made with the mortgage lender to purchase mortgage loans.
(b) The department may require the substitution of another mortgage loan if it determines that a loan does not comply with the criteria of Subsection (a).
Terms Used In Texas Government Code 2306.296
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC