SECTION 330:15-3-12. Loan origination underwriting standards.

(a)   Loans for all Programs shall be underwritten by use and application of the then current mortgage loan underwriting criteria and/or standards of one or more of the following:

(1)   Federal Home Loan Mortgage Corporation (FHLMC)

(2)   Federal National Mortgage Association (FNMA)

(3)   Federal Housing Administration (FHA)

(4)   Veterans Administration (VA)

(5)   USDA Rural Development (RD)

(6)   Such other standards as may be set by the terms of a specific Program.

(b)   Reference is hereby made to the provisions of the rules, regulations, underwriting handbooks and other official manuals or underwriting guidelines of each of the entities identified in (a) of this Section, and for the purposes expressed herein, said provisions are hereby adopted by this reference as authorized by Section 251(D) of the APA.

(c)   Certifications of the following parties pertaining to the compliance of each application and mortgage loan under each Program must be obtained for the purpose of and used to verify whether or not the application and proposed mortgage loan qualifies under the specific Program in question:

(1)   Participating Lender

(2)   Borrower

(3)   Such other parties as may be required by the Code.

(d)   The aforementioned certifications shall be in such form as may be approved from time to time by OHFA with the advice of its counsel in the implementation of the Program in order to comply with pertinent requirements of the Code, the rules of this Chapter, and the specifics of Program Documents for the Program in question.

[Source: Amended at 37 Ok Reg 1709, eff 1-1-21]