Section 70. Assistance of mortgage lenders

The authority may, at its option, utilize the assistance and services of mortgage lenders in the processing, originating, disbursing and servicing of loans under this chapter. The executive director is authorized to take such action and to execute such agreements and documents as he shall deem necessary or appropriate in order to procure, maintain and supervise such assistance and services. In the case of authority mortgage loans to be financed from the proceeds of obligations issued by the authority pursuant to § 36-55.37:1 of the Code of Virginia, the authority shall, if and to the extent required thereby, utilize such assistance and services of mortgage lenders in the origination and servicing of such authority mortgage loans.

Historical Notes

Derived from VR400-01-0001 § 7, eff. July 1, 1987; amended, Volume 03, Issue 23, eff. August 10, 1987; Volume 04, Issue 03, eff. November 1, 1987; Volume 04, Issue 14, eff. March 16, 1988; Volume 04, Issue 23, eff. July 19, 1988; Volume 05, Issue 21, eff. July 1, 1989; Volume 07, Issue 10, eff. January 16, 1991; Volume 08, Issue 06, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 06, eff. November 16, 1994.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.