Florida Regulations 67-45.006: Loan Processing
Current as of: 2024 | Check for updates
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(1) All applications and Loans are processed by the Participating Lenders in accordance with each Participating Lender’s standard underwriting criteria and any additional criteria imposed by FHA, VA, FannieMae, Freddie Mac, RD or other parties insuring or guaranteeing the First Mortgage loan.
(2) Loan applications shall be reviewed by the lender originating the First Mortgage on the basis of first-come, first-served.
(3) If sufficient funds are not available in the full amount of the Loan as requested, the application shall be deferred to a waiting list maintained by the Corporation or its designee on a first-come, first-served basis. Such application shall be considered as soon as sufficient funds become available to finance the Loan.
Rulemaking Authority 420.507(12), (23) FS. Law Implemented Florida Statutes § 420.5088. History-New 8-7-95, Formerly 9I-45.006, Amended 12-26-99, 10-29-01, 12-7-03.
Terms Used In Florida Regulations 67-45.006
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(3) If sufficient funds are not available in the full amount of the Loan as requested, the application shall be deferred to a waiting list maintained by the Corporation or its designee on a first-come, first-served basis. Such application shall be considered as soon as sufficient funds become available to finance the Loan.
Rulemaking Authority 420.507(12), (23) FS. Law Implemented Florida Statutes § 420.5088. History-New 8-7-95, Formerly 9I-45.006, Amended 12-26-99, 10-29-01, 12-7-03.