(a) The authority may make loans to mortgage lenders under terms and conditions requiring that the loan proceeds be used within a time period prescribed by the authority to make eligible loans in an aggregate principal amount substantially equal to the amount of the loan.

Terms Used In Hawaii Revised Statutes 206E-115

  • Authority: means the Hawaii community development authority. See Hawaii Revised Statutes 206E-101
  • Contract: A legal written agreement that becomes binding when signed.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage lender: means any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker, credit union, insurance company, or any other financial institution, or a holding company for any of the foregoing, which:

    (1) Is authorized to do business in the State;

    (2) Customarily provides service or otherwise aids in the financing of mortgages on single family or multi-family residential property; and

    (3) Is a financial institution whose accounts are federally insured, or is an institution which is an approved mortgagee for the Federal Housing Administration, or is an approved lender for the Department of Veterans Affairs or the United States Department of Agriculture, or is an approved mortgage loan servicer for the Federal National Mortgage Association or the Federal Home Mortgage Corporation. See Hawaii Revised Statutes 206E-101

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Revenue bonds: means bonds, notes, or other evidence of indebtedness of the authority issued to finance any of the reserved housing loan programs under this part. See Hawaii Revised Statutes 206E-101
(b) The loan made to a mortgage lender shall be a general obligation of the respective mortgage lender.
(c) The loan as determined by the authority shall:

(1) Bear a date or dates;
(2) Mature at a time or times;
(3) Be evidenced by a note, bond or other certificate of indebtedness;
(4) Contain other provisions consistent with this part.
(d) Subject to any agreement with the holders of its revenue bonds, the authority may consent to any modification to the rate of interest, time, and payment of any installment of principal or interest, security or any other term of any loan to a mortgage lender or any bond, note, contract, or agreement of any kind to which the authority is a party.

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