reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-14 - Code compliance

Current through Vol. 41, No. 20, July 1, 2024
All Programs which include provisions for the sale of bonds,
				  notes or other debt obligations by OHFA which are intended to qualify as
				  tax-exempt under the provisions of Section 103 of the Code shall make adequate
				  provision in the documents and procedures for the attainment and requisite
				  maintenance of the intended tax-exempt status of such debt obligations.
				  Reference is hereby made to the provisions of Section 103 of the Code, and for
				  the purposes expressed herein, said provisions are hereby adopted by this
				  reference as authorized by Section 251(D) of the APA. If there is a conflict
				  between the provisions of the Code and the rules of this Chapter, the Code
				  shall prevail unless the rules provide restrictions more severe than those
				  imposed by the Code, in which case the rules shall prevail.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 5 - Borrowers › Section 330:15-5-1 - Requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
State
				residency.
All borrowers in each Program must prove that they are
				residents of the State or that they will be residents of the State at the time
				the loan is closed.
(b)
Maximum income limitations.
The maximum income limitations for
				borrowers for each Program shall be as authorized under the Program in
				question, or the Code, as may be applicable to the Program , provided, however,
				that the requirements for each Program and for the origination of mortgages
				under each Program may be lower than required by the Code, and shall be set as
				the Trustees may determine to be necessary under the market conditions
				prevalent at the time the Program is being developed and as may be determined
				by the Trustees in their discretion at the time of finalization of the Program
				. The Trustees, at their discretion, may set lower maximum income limitations
				for any Program at time of finalization of the Program in question. Maximum
				income limitations must be verified by affidavits of borrowers, and, when
				applicable, as may be required by the Code.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 5 - Borrowers › Section 330:15-5-2 - Fees and expenses

Current through Vol. 41, No. 20, July 1, 2024
(a)
Program specific.
Each Program shall specify the fees and expenses
				to be paid by borrowers. By way of illustration, and not as a limitation, such
				fees and expenses to be paid by borrowers may include one or more of the
				following:
(1)
Application fees.
Borrowers may be required to pay an application fee to make application for a
				Mortgage Loan under any Program . Application fees shall be set for each
				Program by the Trustees in their discretion at the time of finalization of the
				Program .
(2)
Other fees and
				expenses.
Borrowers may be required to pay fees and expenses in
				connection with the processing of borrowers' application and requested loan for
				any Program . By way of illustration, and not as a limitation, such fees and
				expenses which may be required to be Program in a Program may include one or
				more of the following:
(A) Survey fees
(B) Abstracting and title
				examination and/or title insurance fees and expenses
(C) Credit checks
(D) Inspection fees and expenses
(i) habitability
(ii) structural
(iii) termite and insect/rodent infestation
(E) Employment/income
				verification fees/expenses
(F)
				Insurance escrows
(G) Document
				preparation fees
(H) Loan closing
				fees
(I) Tax escrows
(J) Utilities escrows
(K) Mortgage insurance premiums or loan
				guarantee fees
(L) Program fee
(M) Loan origination fee
(N) Such other fees and expenses
				as may be required by the Program .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-1 - Statement of Programs purposes affecting Participating Lenders

Current through Vol. 41, No. 20, July 1, 2024
In implementing its Programs , OHFA may endeavor to utilize
				  the services of competent mortgage lending institutions already doing business
				  in Oklahoma at the time the particular Programs is implemented. Fees paid to
				  Participating Lenders shall be fair and reasonably commensurate with the type
				  of services rendered.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-2 - Qualifications of Participating Lenders in each program

Current through Vol. 41, No. 20, July 1, 2024
The qualification requirements for Participating Lenders in each program shall be set as the Trustees and/or Staff may determine to be necessary under the market conditions prevalent at the time the program is being developed and as may be determined by the Trustees and/or Staff in their discretion at the time of finalization of each program in question. By way of illustration, and not as a limitation, such qualifications for Participating Lenders may include one or more of the following:
(1) Minimum net worth;
(2) Minimum total assets;
(3) Qualified to issue mortgage backed securities of FNMA, GNMA, FHLMC or other similar issues of mortgage-backed securities;
(4) Qualified to originate and service mortgage loans for FHA, FNMA, FHLMC, RD, and/or VA;
(5) No defaults in performance under prior programs of OHFA;
(6) No suits pending against it;
(7) Maximum mortgage loan portfolio default rate on mortgage loans serviced by it;
(8) Maintain all necessary licenses required to do business in the State; and
(9) Such other criteria as the Trustees and/or Staff may deem in their discretion to be pertinent.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-3 - Allocation to Participating Lenders

Current through Vol. 41, No. 20, July 1, 2024
In the event an allocation process is necessary to divide
				  available loan proceeds among a number of Participating Lenders or for use
				  within a number of counties or geographic areas, OHFA Trustees and/or Staff
				  shall make such allocations on a fair, reasonable and equitable basis at a
				  public hearing upon proper notice, offering affected persons or institutions an
				  opportunity to be heard on the matter.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-4 - Blocking-out

Current through Vol. 41, No. 20, July 1, 2024
Blocking-out for Participating Lenders in each Programs
				  shall be set as the Trustees and/or Staff may determine to be necessary under
				  the market conditions prevalent at the time the Programs is being developed and
				  as may be determined by the Trustees and/or Staff in their discretion at the
				  time of finalization of each Programs .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-5 - Participating Lenders fees

Current through Vol. 41, No. 20, July 1, 2024
The fee requirements for Participating Lenders in each
				  Programs shall be set as the Trustees and/or Staff may determine to be
				  necessary under the market conditions prevalent at the time the Programs is
				  being developed and as may be determined by the Trustees and/or Staff in their
				  discretion at the time of finalization of each Programs in question.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-6 - Origination of Program loans

Current through Vol. 41, No. 20, July 1, 2024
Participating Lenders shall originate mortgage loans in
				  accordance with then current loan origination requirements of either FHLMC,
				  FNMA, FHA, RD or VA, as the case may be. Additional origination requirements
				  may be in such form as the Trustees and/or Staff may determine to be required
				  by market conditions prevalent at the time the Program is being developed and
				  as may be determined by the Trustees and/or Staff in their discretion at the
				  time of finalization of the Program .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-7 - Servicing of Program loans

Current through Vol. 41, No. 20, July 1, 2024
Participating Lenders , as applicable, shall service Mortgage
				  Loans in accordance with then current loan servicing requirements of either
				  FHLMC, FNMA, FHA, GNMA, RD or VA, as the case may be. Additional servicing
				  requirements may be in such form as the Trustees and/or Staff may determine to
				  be required by market conditions prevalent at the time the Program is being
				  developed and as may be determined by the Trustees in their discretion at the
				  time of finalization of the Program in question.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-8 - Limitations upon assignability of rights and duties of Participating Lenders under Programs

Current through Vol. 41, No. 20, July 1, 2024
Participating Lenders in any Program shall not be authorized
				  under Program Documents to assign their rights or obligations without the prior
				  express written consent of OHFA. No contract or agreement or other instrument
				  evidencing, or intended to evidence, the assignment of any of such rights or
				  duties of any Participating Lenders shall make provision for the release of any
				  of the obligations to OHFA or the Bond Trustee under the Program in question,
				  of the assigning Participating Lenders , and such restriction may not be waived
				  by any action of the Trustees, officers or staff of OHFA except by amendment to
				  the rules of this Chapter.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-9 - Participating Lenders deemed to be fiduciaries of OHFA

Current through Vol. 41, No. 20, July 1, 2024
All firms which agree to act as Participating Lenders under
				  any Program for the purpose of originating and/or servicing Mortgage Loans
				  shall be deemed to be acting as a fiduciary agent to OHFA, and by accepting and
				  agreeing to so act, such Participating Lenders shall be bound to the standards
				  and duties of conduct of a fiduciary agent, as provided by law.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-10 - Disqualification and/or termination of participating lenders under Program

Current through Vol. 41, No. 20, July 1, 2024
The Program Documents shall specify the specific grounds for
				  disqualification and/or termination of a Participating Lender in the Program in
				  question. By way of illustration, and not as a limitation, such grounds may
				  include one or more of the following:
(1) Insolvency of a Participating Lender .
(2) Breach of any Program
				agreement by a Participating Lender .
(3) Breach of OHFA Rules by the Participating
				Lender .
(4) Unreasonably high
				default rate in the portfolio of mortgages being originated and/or serviced by
				a Participating Lender .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-11 - Additional requirements

Current through Vol. 41, No. 20, July 1, 2024
Additional servicing requirements may be in such form as the
				  Trustees and/or Staff may determine to be required by market conditions
				  prevalent at the time the Program is being developed and as may be determined
				  by the Trustees and/or Staff in their discretion at the time of finalization of
				  the Program in question.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-12 - REOs

Current through Vol. 41, No. 20, July 1, 2024
A Participating Lender may be required to:
(1) Maintain REOs (Real Estate Owned by a
				prior lender, insurer , or guarantor).
(2) Handle sale of REOs.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-13 - Annual audit of Program accounts with Participating Lenders, as necessary

Current through Vol. 41, No. 20, July 1, 2024
As to each Program in which a Participating Lender is
				  originating and/or servicing Mortgage Loans , on or before one hundred twenty
				  (120) days after the end of Participating Lender's fiscal year, if requested by
				  OHFA, Participating Lender , at its expense, shall cause a firm of independent
				  public accountants to furnish a statement of the Program to OHFA, for the
				  preceding fiscal year, to the effect that such firm has examined certain
				  documents and records relating to the servicing of the mortgage loans and that,
				  on the basis of such examination conducted substantially in compliance with the
				  audit Program for mortgages serviced for FHLMC, FHA, FNMA, GNMA, RD or VA, or
				  such other auditing standards as may be set by the terms of a specific Program
				  , as the case may be, and such firm is of the opinion that such servicing has
				  been conducted in compliance with such standards except for (i) such exceptions
				  as such firm shall believe to be immaterial and (ii) such other exceptions as
				  shall be set forth in such statement. In addition, if requested by OHFA, on or
				  before one hundred twenty (120) days after the end of Participating Lender's
				  fiscal year, Participating Lender , at Participating Lender's expense, shall
				  furnish to OHFA a copy of Participating Lender's financial statement (audited,
				  if available) for its fiscal year which accurately sets out the net worth,
				  shareholders equity or unimpaired capital position (or other equivalent term as
				  used in generally acceptable accounting practice) of the Participating Lenders
				  .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-14 - Effect of default on qualification

Current through Vol. 41, No. 20, July 1, 2024
Participating Lenders must not be deemed by OHFA to be in
				  default under any prior OHFA Program at the time of determining whether
				  Participating Lenders are eligible to become a Participating Lender under the
				  Program in question.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 7 - Participating Lenders › Section 330:15-7-15 - Compliance

Current through Vol. 41, No. 20, July 1, 2024
Each Participating Lender shall be obligated to follow State
				  and federal laws and the rules and applicable to Participating Lenders in
				  connection with the Program in question.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 9 - Bonds › Section 330:15-9-1 - Security

Current through Vol. 41, No. 20, July 1, 2024
The Bonds for each Program shall be secured by the portfolio
				  of mortgages originated under the Program , or mortgage-backed securities
				  covering such mortgages, and such additional security, including security other
				  than the mortgages or mortgage-backed securities with respect to the particular
				  Program , in such form as the Trustees may determine to be required by market
				  conditions prevalent at the time the Program is being developed and as may be
				  determined by the Trustees at the discretion of the Trustees at time of
				  finalization of the Program .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 9 - Bonds › Section 330:15-9-2 - Limited obligations

Current through Vol. 41, No. 20, July 1, 2024
All Bonds are to be special limited obligations of OHFA and
				  not the obligation of the State. To this end, all Bond or Trust Indentures and
				  all bonds, notes or other evidences of indebtedness of OHFA issued in
				  connection with any Program shall bear a restriction in substantially the
				  following form: THE BONDS ARE SOLELY THE OBLIGATIONS OF THE ISSUER AND NOT OF
				  THE STATE OF OKLAHOMA OR THE PARTICIPANTS. THE BONDS ARE PAYABLE SOLELY OUT OF
				  THE INCOME, REVENUES AND RECEIPTS DERIVED OR TO BE DERIVED FROM THE MORTGAGE
				  LOANS, AND THE FUNDS AND ACCOUNTS AND ADDITIONAL SECURITY HELD UNDER AND
				  PURSUANT TO THE BOND INDENTURE AND PLEDGED THEREFOR OR OTHER INCOME, REVENUES
				  AND RECEIPTS RECEIVED BY THE ISSUER FROM ANY OTHER SOURCES AS A RESULT OF THE
				  INVESTMENT OR EXPENDITURE OF THE PROCEEDS DERIVED FROM THE ISSUANCE OF THE
				  BONDS, INCLUDING, BUT NOT BY WAY OF LIMITATION, CERTAIN INSURANCE PROCEEDS AND
				  OTHER MONEYS WHICH, BY LAW OR CONTRACT, MAY BE MADE AVAILABLE TO THE ISSUER AND
				  PLEDGED UNDER AND IN THE MANNER PRESCRIBED IN THE BOND INDENTURE. THE BONDS ARE
				  SPECIAL, LIMITED OBLIGATIONS OF THE ISSUER AND DO NOT CONSTITUTE AN OBLIGATION,
				  EITHER GENERAL OR SPECIAL, OF THE STATE OF OKLAHOMA OR ANY PARTICIPANT WITHIN
				  THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION WHATSOEVER.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 9 - Bonds › Section 330:15-9-3 - Special reserves

Current through Vol. 41, No. 20, July 1, 2024
Provision for special reserves for protection of bondholders
				  in each Program shall be set as the Trustees may determine to be necessary
				  under the market conditions prevalent at the time the Program is being
				  developed and as may be determined by the Trustees at the discretion of the
				  Trustees at the time of finalization of each Program in question.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 9 - Bonds › Section 330:15-9-4 - Bond terms

Current through Vol. 41, No. 20, July 1, 2024
(a) OHFA, at its
				discretion, may finance all or a portion of its Single Family Home Ownership
				Programs with proceeds of bonds issued and sold by OHFA.
(b) All bonds for each Program are to be sold
				in compliance with applicable state and federal laws.
(c) All bonds for each Program may be
				tax-exempt or taxable or may be a combination of taxable and tax-exempt bonds
				for each Program , as the Trustees may determine to be necessary under the
				market conditions prevalent at the time the Program is being developed and as
				may be determined by the Trustees in their discretion at the time of
				finalization of the Program .
(d)
				The average coupon rate and the maximum interest rate of the bonds for any
				Program shall not exceed the maximum rate authorized by state law.
(e) Maximum and average effective interest
				rates for bonds under each Program shall be set as the Trustees may determine
				to be necessary under the market conditions prevalent at the time the Program
				is being developed and as may be determined by the Trustees in their discretion
				at the time of finalization of the Program in question.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 9 - Bonds › Section 330:15-9-5 - Competitive bidding

Current through Vol. 41, No. 20, July 1, 2024
Competitive bidding as required by 62 O.S., Section 695.1 et
				  seq. Oklahoma Bond Oversight and Reform Act or other state laws shall be
				  complied with for all Programs . The requirements for particular services or
				  goods for a particular Program shall be set as the Trustees may determine to be
				  necessary under the market conditions prevalent at the time the Program is
				  being developed and as may be determined by the Trustees in their discretion at
				  the time of finalization of the Program in question. By way of illustration,
				  and not as a limitation, such services or goods for a particular Program
				  requiring competitive bidding in some form may include one or more of the
				  following professional services providers:
(1) Underwriters.
(2) Bond Trustee.
(3) Bond Counsel.
(4) Tax Counsel.
(5) certifications Financial Advisor.
(6) Master Servicer.
(7) Cash Flow Certifications.
(8) Printing of bonds and official
				statements, etc.
(9) Credit
				Enhancements.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 9 - Bonds › Section 330:15-9-6 - Volume of bonds

Current through Vol. 41, No. 20, July 1, 2024
Volume of bonds to be issued for any Program shall not be in
				  excess of amount authorized by CAP Allocation received from the State (when CAP
				  is applicable).
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 9 - Bonds › Section 330:15-9-8 - Approval of Governor

Current through Vol. 41, No. 20, July 1, 2024
No bonds shall be issued except after receipt of approval by
				  the Governor of the State of Oklahoma of the Program being financed by the
				  bonds.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 9 - Bonds › Section 330:15-9-9 - Trustee action to be taken

Current through Vol. 41, No. 20, July 1, 2024
Programs shall be developed and implemented only upon the following minimum action of the Trustees:
(1) The adoption of an initial resolution authorizing the development of a program:
(A) Specifying the maximum size of the program;
(B) Directing the staff to seek CAP allocation from the State (when applicable);
(C) Directing staff to take such preliminary action as may be required in law to select professional services providers; and
(D) Directing staff to take such action as may be necessary to determine the necessity for a program and the size thereof.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 11 - No Loans to Parties With Potential Conflict of Interest › Section 330:15-11-1 - Parties deemed to be in a conflict of interest

Current through Vol. 41, No. 20, July 1, 2024
OHFA desires and intends to not allow mortgage loans to be
				  made to parties who have or may appear to have a conflict of interest in the
				  making and/or receipt of a mortgage loan under any of its Programs . To this
				  end, OHFA declares the following parties to be in a conflict of interest and
				  not eligible to be a borrower pursuant to a mortgage loan financed directly or
				  indirectly by OHFA or any Program of OHFA:
(1) OHFA affiliates:
(A) Trustees;
(B) Officers;
(C) Bond Counsel and attorneys of firm ;
(D) General Counsel and attorneys
				of firm ;
(E) Tax Counsel and
				attorneys of firm ;
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 1 - General Provisions › Section 330:25-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules of this Chapter have been adopted for the purpose
				  of complying with the provisions of the Administrative Procedures Act, 75 O.S.,
				  Sections 250 et seq. These Program Guidelines shall amend and replace the
				  Program Guidelines for the 1985 Single Family Mortgage Revenue Bonds Loan
				  Program ("1985 Program") adopted by the OHFA Trustees on May 21, 1985, which
				  1985 Program has been officially renamed as the "1987 Single Family Mortgage
				  Revenue Bond Program" (hereinafter referred to as the "1987 Program").
				  Implementation of the 1987 Program and the issuance of any debt obligations to
				  provide financing therefor shall be subject to provisions of the United States
				  Internal Revenue Code of 1986, as amended and supplemented (the "Code"), Title
				  60 Oklahoma Statutes 1981 Sections
				  176.1
				  through 176.54 and
				  176
				  through
				  180.3 as
				  amended and supplemented (collectively, the "Act"), and such other provisions
				  of Oklahoma and federal law and the provisions of the Trust Indenture creating
				  OHFA as may be applicable to the 1987 Program and the financing
				  thereof.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 1 - General Provisions › Section 330:25-1-2 - Applicability

Current through Vol. 41, No. 20, July 1, 2024
The Program Guidelines of this Chapter are adopted in
				  accordance with the provisions of Title 75 Oklahoma Statutes, Sections
				  301 et seq
				  and Title 60, Public Trust Act, Sections
				  176
				  et seq, and applicable provisions of the Internal Revenue Code. Any part of
				  these Program Guidelines found by a court, the Attorney General of Oklahoma, or
				  the Internal Revenue Service to be inconsistent with or unnecessary under the
				  said statutory provisions, as such presently exist or are hereafter amended,
				  shall be interpreted if necessary so as to comply with such statutes as they
				  presently exist or are hereafter amended, and the determination by a court or
				  the Attorney General of Oklahoma or the Internal Revenue Service of the partial
				  or total invalidation of any section or sections of these Program Guidelines
				  shall not affect the sections not declared to be invalid.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 1 - General Provisions › Section 330:25-1-3 - Sale of bonds

Current through Vol. 41, No. 20, July 1, 2024
The 1987 Program, as described in the Program Guidelines of
				  this Chapter, is subject to OHFA's ability to sell tax-exempt mortgage revenue
				  bonds to finance the 1987 Program. OHFA intends to make a good and faithful
				  effort to sell such bonds, in accordance with applicable Federal and Oklahoma
				  laws. OHFA gives no assurance that bonds will be sold, and therefore there is
				  no assurance that the 1987 Program will, in fact, be
				  instituted.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 1 - General Provisions › Section 330:25-1-4 - Trustee bank

Current through Vol. 41, No. 20, July 1, 2024
Bank of Oklahoma, Oklahoma City, N.A. has been selected to
				  serve as Trustee Bank for the 1987 Program.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 1 - General Provisions › Section 330:25-1-5 - Program insurance

Current through Vol. 41, No. 20, July 1, 2024
(a)
				Various types of program insurance may be required.
(b) Errors and Omissions Insurance and
				Fidelity Bond coverage shall be required of each participant, with the costs to
				be paid by each participant.
(c)
				The following insurance, among others, with OHFA or servicer and/or assigns as
				beneficiary, shall be a part of each mortgage loan. The costs of such coverage
				shall be paid by or on behalf of the mortgagor, and may include:
(1) Hazard Insurance.
(2) Flood Insurance (where
				applicable).
(3) FHA Mortgage
				Insurance or VA Guarantee.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 3 - Mortgage Loan Requirements › Section 330:25-3-1 - Eligible mortgagor

Current through Vol. 41, No. 20, July 1, 2024
Any potential applicant-mortgagor shall be subject to the
				  following criteria:
(1) Non-targeted
				areas: At all times, at least ninety-five percent (95%) in aggregate amount of
				the mortgage loans originated in Non-target areas must be to mortgagors who
				have not owned a home within the last three (3) preceding years. ("Three Year
				Ownership Rule")
(2) Target areas:
				Mortgagor may have owned a home within the last three (3) preceding
				years.
(3) Acquisition cost and
				maximum income limits must not exceed the limits as listed in
				330:25-5-2.
(4) Loan qualification (underwriting
				criteria) at least equal to those of GNMA and/or Fannie Mae. All mortgage loans
				must be insured by FHA or guaranteed by VA.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 3 - Mortgage Loan Requirements › Section 330:25-3-2 - Structure of mortgage loan

Current through Vol. 41, No. 20, July 1, 2024
Each mortgage loan will be secured by a first mortgage lien
				  upon a single family (one unit) owner-occupied residence to be occupied by the
				  mortgagor as his or her principal place of residence, located within Oklahoma
				  ("State"), and will be made substantially in accordance with the originating
				  participant's then-current standard underwriting policies which will be at
				  least equal to the then-current requirements of Government National Mortgage
				  Association ("GNMA") and/or Federal National Mortgage Association ("Fannie
				  Mae") and in accordance with a Mortgage Origination Agreement as hereafter
				  defined. Each mortgage loan will be made for the purpose of purchasing the
				  property subject to the related mortgage loan and not for the purpose of
				  acquiring, replacing or refinancing any existing loan (except for the
				  replacement of construction period loans, bridge loans or similar temporary
				  initial financing on any such property). Each mortgage loan will have a fixed
				  rate of interest and will have a term of not more than thirty (30) years. Each
				  mortgage loan shall be and remain insured by the Federal Housing Administration
				  (FHA) or guaranteed by the Veteran's Administration (VA). The 1987 Program may
				  provide for maximum loan-to-value (LTV) ratios.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 3 - Mortgage Loan Requirements › Section 330:25-3-3 - Assumption

Current through Vol. 41, No. 20, July 1, 2024
Mortgage loans under the 1987 Program may be assumed by
				  purchasers qualifying under the program requirements. The interest rate(s),
				  borrowers' fees, and costs, structure, qualifications, provisions for
				  assumption, and term of the mortgage loans will be determined by OHFA's Board
				  of Trustees upon finalizing the 1987 Program.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 3 - Mortgage Loan Requirements › Section 330:25-3-4 - Mortgage loan interest rate

Current through Vol. 41, No. 20, July 1, 2024
The mortgage loan interest rate will be fixed by OHFA's Board
				  of Trustees upon finalizing the 1987 Program, and announced upon sale and
				  delivery of the bonds.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 3 - Mortgage Loan Requirements › Section 330:25-3-5 - Servicing

Current through Vol. 41, No. 20, July 1, 2024
Mortgage loans may be serviced by the participant responsible
				  for origination of the mortgage loan, or may be assigned to one or more major
				  servicers, as provided in the Agreement.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 3 - Mortgage Loan Requirements › Section 330:25-3-6 - Repurchase or acceleration

Current through Vol. 41, No. 20, July 1, 2024
If any document or documents constituting a part of a
				  mortgage file are defective or incomplete in any material respect, the affected
				  participant shall cure the defect within a period to be specified in the
				  applicable agreements or may be required to repurchase mortgage loans closed
				  under defective or incomplete documents. Payment of mortgage loans which are
				  closed as a result of misrepresentations by borrowers may be
				  accelerated.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 5 - Requirements of Residences › Section 330:25-5-1 - Eligibility

Current through Vol. 41, No. 20, July 1, 2024
Owner-occupied, single-family residences, including
				  manufactured housing, condominium units, and planned unit developments
				  (P.U.D.'s) may be financed under the 1987 Program. Manufactured, condominium
				  and P.U.D. financings may be limited in the overall mortgage loan
				  portfolio.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 5 - Requirements of Residences › Section 330:25-5-2 - Acquisition cost

Current through Vol. 41, No. 20, July 1, 2024
The maximum sales price ("acquisition cost") of residences
				  which may be financed and maximum income of borrowers under the 1987 Program
				  shall be as specified by the U.S. Department of Treasury ("Treasury"), Internal
				  Revenue Service ("IRS") and/or the U.S. Department of Housing and Urban
				  Development ("HUD") published guidelines as may be modified by OHFA's Board of
				  Trustees. Information on the specific maximum sales price (acquisition cost) of
				  residences which may be financed and maximum income of borrowers and other
				  eligibility criteria shall be available through participating lending
				  institutions.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:25-7-1 - Eligible participants

Current through Vol. 41, No. 20, July 1, 2024
OHFA shall endeavor to utilize the services of competent
				  mortgage lending institutions already doing business in Oklahoma and meeting
				  other program qualifications as set forth in the Agreement. Fees paid to
				  participating lenders shall be fair and reasonable commensurate with the type
				  of services rendered and shall be comparable with origination and/or servicing
				  fees paid in private mortgage lending transactions of a similar type. Home
				  mortgage lending institutions, including all qualified savings and loans,
				  commercial banks and mortgage banking institutions maintaining an office within
				  the State, which meet the criteria established by OHFA, shall be eligible to
				  participate in origination of loans in the 1987 Program. These criteria may
				  include, but not necessarily be limited to, the following:
(1) The approval of, and experience in
				originating and/or servicing loans under the provisions of GNMA and/or Fannie
				Mae.
(2) Authority to issue GNMA
				Mortgage Backed Securities.
(3) The
				delinquency ratios of the potential participant's loan portfolio(s).
(4) Financial strength.
(5) Experience with tax-exempt single family
				mortgage revenue bond programs.
(6)
				Qualification for direct endorsement of FHA Insurance or automatic guarantee by
				VA.
(7) Minimum allocation
				amounts.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:25-7-2 - Method of allocation

Current through Vol. 41, No. 20, July 1, 2024
OHFA proposes to invite Offers to Originate from, and
				  allocate lendable proceeds to, the participants based upon the following
				  criteria:
(1) Participants, in their
				Offers to Originate ("Offer"), must specify the amount of the proposed
				allocation to be used in Target and/or Non-target areas. Allocations to the
				participants by OHFA shall be made at the discretion of OHFA. Should it become
				necessary, after making initial allocations, for OHFA to reduce the overall
				issue size because of marketing or other considerations, the allocations of all
				participants will be reduced on a fair and equitable basis.
(2) The Offer may encompass the State as a
				whole, regions, or various specific areas within the State. The Offer should,
				however, indicate the approximate allocation of mortgage funds among the
				various counties, so that OHFA may monitor geographic distribution of 1987
				Program funds.
(3) OHFA shall make
				its best reasonable efforts to make funds available for each county in the
				State.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:25-7-3 - Disbursement period

Current through Vol. 41, No. 20, July 1, 2024
Funds are to be disbursed to provide for the financing of
				  mortgage loans within a period to be specified by OHFA's Board of Trustees upon
				  finalizing the 1987 Program.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:25-7-4 - Transfers of allocations

Current through Vol. 41, No. 20, July 1, 2024
OHFA shall establish a procedure for re-allocation of
				  lendable proceeds between participants and within a participant's allocation.
				  Approvals of requested re-allocations shall be made with a view toward best
				  satisfying the 1987 Program Guidelines.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:25-7-5 - Blocking-out

Current through Vol. 41, No. 20, July 1, 2024
The 1987 Program may allow participants to accept or provide
				  for Pre - commitments or Blocking-out of funds allocated to them under the
				  Program. The Program may impose limits upon such Pre-commitments or
				  Blocking-out.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:25-7-6 - Origination agreement

Current through Vol. 41, No. 20, July 1, 2024
An Origination Agreement shall be executed between and among
				  OHFA and each of the participants. This Agreement shall specify detailed
				  procedures concerning processing, closing, and servicing the mortgage loans.
				  The Origination Agreement will also specify numerous reporting and procedural
				  requirements necessary for the maintenance of proper cash flows and/or measures
				  for the preservation of the tax-exempt status of the bonds.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 9 - Internal Revenue Code Requirements › Section 330:25-9-1 - Limitations

Current through Vol. 41, No. 20, July 1, 2024
(a) The Internal
				Revenue Code (the "Code") imposes significant requirements and restrictions
				upon OHFA with respect to single family mortgage loans that can be financed
				through proceeds from the issuance of tax-exempt obligations. Under the
				limitations imposed by the Code, among other things:
(1) the amount of such obligations that may
				be issued in Oklahoma is limited;
(2) the acquisition cost for single family
				residences financed by the mortgage loans is presently limited to a ceiling of
				between $61,650 and $116,380 depending on the geographical area of the
				State;
(3) the mortgagor must use
				the residence financed as his/her principal residence;
(4) at all times, at least 95% in aggregate
				amount of the mortgage loans originated in Non-targeted areas must be to
				mortgagors who have not had any present ownership interest in a principal
				residence during the three-year period prior to the execution of the mortgage
				loan; and
(5) bond proceeds may not
				be applied to acquire or replace an existing mortgage, except for certain
				temporary initial financing.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 25 - 1987 Single Family Mortgage Revenue Bond Loan Program › Subchapter 9 - Internal Revenue Code Requirements › Section 330:25-9-2 - Bond requirements

Current through Vol. 41, No. 20, July 1, 2024
The Code also establishes certain requirements which must be
				  met subsequent to the delivery of the bonds in order that interest on the bonds
				  be exempt from federal income taxes under the provisions thereof. These
				  requirements include, but are not necessarily limited to, the following:
(1) The mortgagor(s) must execute sworn
				affidavit(s) (on forms to be specified by OHFA) concerning the residence
				requirements, the acquisition cost, conflict of interest, income and other
				matters. Mortgagor(s) acquiring homes in Non-target areas must also provide
				copies of federal income tax returns for each of the three (3) years preceding
				closing of the mortgage loans.
(2)
				Seller(s) must execute sworn affidavit(s) (on forms to be specified by OHFA)
				concerning the residence requirements, acquisition cost, conflict of interest
				and other matters.
(3)
				Participant(s) must independently verify and document the accuracy of the
				mortgagor's and seller's affidavit(s) and qualifications under provisions of
				the Agreement and 1987 Program Guidelines, including at least the following:
(A) Income computations as to program and
				credit eligibility
(B) Acquisition
				cost
(C) Survey location
				report
(D) Purchase
				contract
(E) Site
				inspection
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 1 - General Provisions [Revoked] › Section 330:30-1-1 - Purpose [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 10 Ok Reg
				  739, eff 1-4-93 (emergency); Revoked at 10 Ok Reg 2009, eff
				  5-27-93
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 1 - General Provisions [Revoked] › Section 330:30-1-2 - Credit enhancement techniques [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 10 Ok Reg
				  739, eff 1-4-93 (emergency); Revoked at 10 Ok Reg 2009, eff
				  5-27-93
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 2 - General Provisions › Section 330:30-2-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
(a) The rules of
				this Chapter have been adopted for the purpose of complying with the provisions
				of the Administrative Procedures Act, 75 O.S., Section 250 et seq. This Chapter
				shall be applicable to Oklahoma Housing Finance Agency (OHFA) programs,
				transactions and activities relating to the financing of multifamily rental
				Developments with tax exempt bonds and/or taxable bonds (MF Bonds).
(b) OHFA provides tax exempt and taxable
				financing for the acquisition, construction, and/or rehabilitation of rental
				housing Developments which satisfy the goals and requirements of OHFA, and
				comply with applicable federal and State law. In any given year, the ability of
				OHFA to provide tax-exempt financing for Developments is contingent upon
				receipt by OHFA of a tax-exempt bond allocation from the Council of Bond
				Oversight, through the State of Oklahoma annual private activity
				allocation.
Added at 10 Ok Reg 739, eff 1-4-93 (emergency); Added at 10
					 Ok Reg 2009, eff 5-27-93; Amended at 20 Ok Reg 2411, eff 7-11-03; Amended at 30
					 Ok Reg 1974, eff 7-31-13
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 2 - General Provisions › Section 330:30-2-1.1 - Authority

Current through Vol. 41, No. 20, July 1, 2024
OHFA derives its authority to issue MF Bonds from the
				  Oklahoma Private Activity Bond Allocation Act (62 O.S. 695.21) and the
				  Administrative Rules of the Council of Bond Oversight.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 2 - General Provisions › Section 330:30-2-1.2 - Scope

Current through Vol. 41, No. 20, July 1, 2024
During each program year, MF Bonds will be made available to
				  eligible entities for the purpose of implementing specific Developments that
				  further the stated purpose of the MF Bond program. Eligible entities include,
				  but are not limited to, for-profit Developers, non-profits, public agencies,
				  Native American Tribes, and local governments.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 2 - General Provisions › Section 330:30-2-3 - Owners of Project; Borrowers [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 10 Ok Reg 739,
				  eff 1-4-93 (emergency); Added at 10 Ok Reg 2009, eff 5-27-93; Revoked at 20 Ok
				  Reg 2411, eff 7-11-03
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 2 - General Provisions › Section 330:30-2-3.1 - Application evaluations [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2411, eff 7-11-03; Amended at 30 Ok Reg
					 1976, eff 7-31-13
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 2 - General Provisions › Section 330:30-2-4 - Loan purposes, terms and requirements [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 10 Ok Reg 739,
				  eff 1-4-93 (emergency); Added at 10 Ok Reg 2009, eff 5-27-93; Revoked at 20 Ok
				  Reg 2411, eff 7-11-03
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 2 - General Provisions › Section 330:30-2-4.1 - Criteria for Application and/or Applicant disapproval [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2411, eff 7-11-03; Amended at 30 Ok Reg
					 1977, eff 7-31-13
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 30 - Multifamily Housing Bond Program › Subchapter 2 - General Provisions › Section 330:30-2-5 - Eligible projects [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 10 Ok Reg 739,
				  eff 1-4-93 (emergency); Added at 10 Ok Reg 2009, eff 5-27-93; Revoked at 20 Ok
				  Reg 2411, eff 7-11-03