Full faith and credit.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (d) (1) To indemnify the Agency for the loss, if the default leading to the payment of loss claim occurred within five (5) years of loan closing, when one or more of the following conditions is satisfied: (i) The originating lender utilized unsupported data or omitted material information when submitting the request for a conditional commitment to the Agency; (ii) The originating lender failed to properly verify and analyze the applicant's income and employment history in accordance with Agency guidelines; (iii) The originating lender failed to address property deficiencies identified in the appraisal or inspection report that affect the health and safety of the occupants or the structural integrity of the property; (iv) The originating lender used an appraiser that was not properly licensed or certified, as appropriate, to make residential real estate appraisal in accordance with § 3555.103(a); or, (2) To indemnify the Agency for the loss regardless of how long ago the loan closed or the default occurred, if the Agency determines that fraud or misrepresentation was involved with the origination of the loan. (3) In addition, the Agency may use any other legal remedies it has against the originating lender.

official document · source cfr-2024 · id 7:§ 3555.108