Review and Substitution of Purchased Mortgage Loans

Sec. 2306.296. REVIEW AND SUBSTITUTION OF PURCHASED MORTGAGE LOANS. (a) The department shall review each mortgage loan purchased or financed by the department to determine if the loan meets: (1) the conditions of this chapter; (2) the department's rules; and (3) any commitment made with the mortgage lender to purchase mortgage loans. (b) The department may require the substitution of another mortgage loan if it determines that a loan does not comply with the criteria of Subsection (a). Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.