Tennessee Code 13-22-110 – Maximum aggregate amount
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Terms Used In Tennessee Code 13-22-110
- Agency: means the housing development agency, created pursuant to §. See Tennessee Code 13-22-101
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage insurance fund: means the mortgage insurance fund established pursuant to §. See Tennessee Code 13-22-101
The agency shall not issue a commitment to insure or a contract of mortgage insurance, at any time, if upon issuance thereof the sum of the insured amounts under the agency’s outstanding mortgage insurance contracts and the amounts to be insured under the agency’s outstanding commitments to insure mortgages will exceed twenty (20) times the moneys held in or credited to the mortgage insurance fund pursuant to § 13-22-105(a).