(a) A covered institution servicer shall meet or exceed the minimum financial requirements of the Federal Housing Finance Agency's Eligibility Requirements for Enterprise Single-Family Seller/Servicers in order to maintain the capital and servicing liquidity as required by this section and § 23-39-505(q).
(b) All financial data shall be determined according to generally accepted accounting principles or the international financial reporting standards promulgated by the International Financial Reporting Standards Foundation and the International Accounting Standards Board.
(c) A covered institution servicer that meets the Federal Housing Finance Agency's Eligibility Requirements for Enterprise Single-Family Seller/Servicers for capital, net worth ratio, and servicing liquidity, whether or not the covered institution servicer is approved for government-sponsored enterprises servicing, or Federal National Mortgage Association servicing, or Federal Home Loan Mortgage Corporation servicing, satisfies the requirements of subsections (a) and (b) of this section.
(d) (1) A covered institution servicer shall maintain written policies and procedures implementing the capital and servicing liquidity requirements.(2) The policies and procedures under subdivision (d)(1) of this section shall include a sustainable written methodology for satisfying the requirements of subsection (a) of this section and be available to the Securities Commissioner upon request.
(1) A covered institution servicer shall maintain written policies and procedures implementing the capital and servicing liquidity requirements.
(2) The policies and procedures under subdivision (d)(1) of this section shall include a sustainable written methodology for satisfying the requirements of subsection (a) of this section and be available to the Securities Commissioner upon request.
(e) (1) A covered institution servicer under this subchapter shall:(A) Maintain sufficient allowable assets for liquidity in addition to the amounts required for servicing liquidity to cover normal business operations; and(B) Have in place sound cash management and business operating plans that match the size and sophistication of the covered institution servicer to ensure normal business operations.(2) (A) The management or key individual of a covered institution servicer shall develop, establish, and implement plans, policies, and procedures for maintaining operating liquidity sufficient for the ongoing needs of the covered institution servicer.(B) The plans, policies, and procedures under subdivision (e)(2)(A) of this section shall:(i) Contain sustainable, written methodologies for maintaining sufficient operating liquidity; and(ii) Be available to the commissioner upon request.
(1) A covered institution servicer under this subchapter shall:(A) Maintain sufficient allowable assets for liquidity in addition to the amounts required for servicing liquidity to cover normal business operations; and(B) Have in place sound cash management and business operating plans that match the size and sophistication of the covered institution servicer to ensure normal business operations.
(A) Maintain sufficient allowable assets for liquidity in addition to the amounts required for servicing liquidity to cover normal business operations; and
(B) Have in place sound cash management and business operating plans that match the size and sophistication of the covered institution servicer to ensure normal business operations.
(2) (A) The management or key individual of a covered institution servicer shall develop, establish, and implement plans, policies, and procedures for maintaining operating liquidity sufficient for the ongoing needs of the covered institution servicer.(B) The plans, policies, and procedures under subdivision (e)(2)(A) of this section shall:(i) Contain sustainable, written methodologies for maintaining sufficient operating liquidity; and(ii) Be available to the commissioner upon request.
(A) The management or key individual of a covered institution servicer shall develop, establish, and implement plans, policies, and procedures for maintaining operating liquidity sufficient for the ongoing needs of the covered institution servicer.
(B) The plans, policies, and procedures under subdivision (e)(2)(A) of this section shall:(i) Contain sustainable, written methodologies for maintaining sufficient operating liquidity; and(ii) Be available to the commissioner upon request.
(i) Contain sustainable, written methodologies for maintaining sufficient operating liquidity; and
(ii) Be available to the commissioner upon request.