Certified loan application packaging process.

CFR · 2024-01-01 · US · Title 7

Persons interested in applying for a section 502 loan may, but are not required to, submit an application through the certified loan application packaging process. (a) (b) (1) (i) Have at least one year of affordable housing loan origination and/or affordable housing counseling experience; (ii) Be employed (either as an employee or as an independent contractor) by a qualified employer as outlined in paragraph (b)(2) of this section; (iii) Complete an Agency-approved loan application packaging course and successfully pass the corresponding test as specified in paragraph (c) of this section; and (iv) Submit applications to the Agency via an intermediary if determined necessary by a State Director. (2) (i) Be a nonprofit organization or public agency in good standing in the State(s) of its operation. (ii) Be tax exempt under the Internal Revenue Code and be engaged in affordable housing per their regulations, articles of incorporation, or bylaws. (iii) Notify the Agency and the applicant if they or their Agency-certified packager(s) are the developer, builder, seller of, or have any other such financial interest in the property for which the application package is submitted. The Agency may disallow a particular qualified employer and/or Agency-certified packager from receiving part or all of a packaging fee if the Agency determines that the financial interest is improper or the qualified employer or Agency-certified packager has a history of improperly using its position when th

official document · source cfr-2024 · id 7:§ 3550.75