SECTION 330:15-7-2. Qualifications of participating lenders in each program

  The qualification requirements for participating lenders in each program shall be set as the Trustees may determine to be necessary under the market conditions prevalent at the time the program is being developed and as may be determined by the Trustees in their discretion at the time of finalization of each program in question. By way of illustration, and not as a limitation, such qualifications for participating lenders may include one or more of the following:

(1)   Minimum net worth;

(2)   Minimum total assets;

(3)   Qualified to issue mortgage backed securities of FNMA, GNMA or other similar issues of mortgage-backed securities;

(4)   Qualified to originate and service mortgage loans for FHA, FNMA, FHLMC, FmHA, and/or VA;

(5)   No defaults in performance under prior programs of OHFA;

(6)   No suits pending against it;

(7)   Maximum mortgage loan portfolio default rate on mortgage loans serviced by it; and

(8)   Such other criteria as the Trustees may deem in their discretion to be pertinent.