SECTION 177.6. Application Procedures

(a) The administrator shall distribute to participating lenders all application materials required for the program by the board. Participating lending institutions may only charge fees that have been approved by the board. The board may establish by resolution any procedures for obtaining the board's approval of fees.

(b) The board shall establish by resolution all policies, procedures, and requirements for the submission and review of loan applications, including the certification of eligibility of the veteran.

(c) If the veteran has previously participated in the program, the veteran must have satisfactorily paid in full all prior program loans in order to be eligible to participate in the program again. If the veteran has an active Veterans Land Program loan at the time of application, it must be in good standing.

(d) The board may establish by resolution all other procedures and policies relating to the submission, review, processing, approval, and funding of program loans. In doing so, the board shall review the prudent lending practices prevalent in the residential mortgage lending industry and shall follow such practices to the maximum extent practical.

Source Note: The provisions of this §177.6 adopted to be effective May 4, 1984, 9 TexReg 2263; amended to be effective August 24, 1999, 24 TexReg 6517; amended to be effective October 22, 2000, 25 TexReg 10375