Program Administrator; Servicer; Master Servicer/Trustee.

CFR · 2024-01-01 · US · Title 12

(a) (b) (i) Approving and qualifying Eligible CDFI applications for participation in the Guarantee Application; (ii) Bond and Bond Loan packaging; (iii) Reviewing and approving Secondary Loan commitments from Eligible CDFIs for funds from the Bondholder or the Relending Account based on the Secondary Loan Requirements; (iv) Compliance monitoring of Bond Loans and Secondary Loans; (v) Preparing and submitting reports required by this interim rule; and (vi) All other duties and related services that are customarily expected of a Program Administrator, and as may be required by the CDFI Fund or the Guarantor. (2) (3) (c) (i) Billing and collecting Bond Loan payments from Eligible CDFIs; (ii) Initiating collection activities on past-due Bond Loans; (iii) Transferring Bond Loan payments to the respective funds and accounts managed by the Master Servicer/Trustee; (iv) Bond Loan administration and servicing; (v) Systematic and timely reporting of Bond Loan performance through remittance and servicing reports, and providing such reports as may be required by this interim rule; (vi) Proper measurement of annual outstanding Bond Loan requirements; and (vii) All other duties and related services that are customarily expected of Servicers, and as may be required by the CDFI Fund or the Guarantor. (2) (3) (d) (i) Negotiating the restructuring of Bond Loans that are in or about to enter into an event of Default; (ii) Initiating foreclosure action and appointing a receiver; and (iii) Enforc

official document · source cfr-2024 · id 12:§ 1808.606