SECTION 175.60. Purchasing Loans from Lending Institutions

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(a) Notwithstanding any provisions of this chapter to the contrary, the board may, by resolution, provide for the purchase of notes, mortgages, deeds of trust, or other liens from lending institutions. In any such resolutions, the board shall, to the maximum extent possible, establish procedures and requirements that are consistent with the prudent lending practices prevalent in the mortgage lending industry.
(b) The board, may by resolution, establish a schedule of fees, charges, and interest rates that may be charged by a lending institution in connection with a loan that will be sold to the board.

Source Note: The provisions of this §175.60 adopted to be effective January 8, 2002, 27 TexReg 286

                    
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