Montana Code 90-6-605. Rules to be adopted by board
90-6-605. Rules to be adopted by board. (1) The board shall adopt rules pursuant to the Montana Administrative Procedure Act necessary for administration of the program, including rules:
Terms Used In Montana Code 90-6-605
- Board: means the board of housing provided for in 2-15-1814. See Montana Code 90-6-602
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
- Eligible veteran: means an individual who is a Montana resident and who:
(a)is or has been a member of the Montana national guard;
(b)is or has been a member of the federal reserve forces of the armed forces of the United States, serving pursuant to Title 10 of the United States Code;
(c)is serving or has served on federal active duty pursuant to Title 10 of the United States Code;
(d)is an unremarried spouse of an individual who was otherwise an eligible veteran and was killed in the line of duty;
(e)is an eligible veteran as defined by the board pursuant to 90-6-605(2); or
(f)if previously a member of the armed forces, was discharged under honorable conditions. See Montana Code 90-6-602
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Participating financial institution: means a corporate lender or other loan originator approved by the board for originating and servicing loans pursuant to this part. See Montana Code 90-6-602
- Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
- program: means the program created in 90-6-603. See Montana Code 90-6-602
(a)specifying which financial institutions may be participating financial institutions;
(b)specifying underwriting criteria for a program loan, such as minimum down payment, credit score, ratios of housing expense and of all reoccurring debt as a percentage of income of the borrower, and exceptions to those criteria;
(c)specifying the statewide allowable purchase price of a home for the purposes of the program;
(d)specifying the security required for a mortgage loan financed by the program;
(e)providing the legislative auditor with access to records of participating financial institutions regarding loans made pursuant to this part;
(f)governing the loan application process;
(g)specifying the maximum servicing fees and origination fee that may be charged by a participating financial institution; and
(h)other loan conditions determined to be necessary by the board.
(2)The board may adopt rules pursuant to the Montana Administrative Procedure Act changing any of the following provisions if the board determines a change is necessary to carry out the purposes of the program:
(a)the definition of eligible veteran in 90-6-602;
(b)the security for a loan provided in 90-6-604; and
(c)the requirements for minimum participation for the eligible veteran provided for in 90-6-604.