(a) The corporation shall establish procedures for:

lease

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Terms Used In Hawaii Revised Statutes 516-121

  • acquisition loan programs: includes all or any part of the loan to lenders program, the purchase of existing loans program, the advance commitments program, and the eligible loan funding program authorized under this part. See Hawaii Revised Statutes 516-91
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means the Hawaii housing finance and development corporation created by chapter 201H. See Hawaii Revised Statutes 516-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1) The submission of requests or the invitation of proposals for loans to mortgage lenders;
(2) The purchase of existing loans by auction, invitation of tenders, or negotiation;
(3) The making of advance commitments to purchase and the purchasing of eligible loans to be made by mortgage lenders by auction, invitation of tenders, or negotiation; and
(4) Loan applications made through mortgage lenders to eligible borrowers.
(b) The corporation shall establish standards and requirements for:

(1) The allocation of loans to mortgage lenders;
(2) The allocation of funds to purchase existing loans from mortgage lenders;
(3) The making of advance commitments and allocation of funds to purchase eligible loans from mortgage lenders; and
(4) The participation by mortgage lenders as originators and processors of eligible loans on behalf of the corporation.
(c) The standards and requirements for the allocation of funds to mortgage lenders adopted by the corporation shall be designed to include the maximum number of qualified mortgage lenders as participants in the acquisition loan programs.
(d) The corporation may adopt rules under chapter 91 necessary or convenient for the operation of the acquisition loan programs under this part.

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