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109.03.5-A. Taking Loan Applications - Initial Screening.

AR ADC 109.03.5-AArkansas Administrative Code

West's Arkansas Administrative Code
Title 109. Development Finance Authority
Division 03. Single Family Housing
Rule 5. Mortgage Loan Origination
Ark. Admin. Code 109.03.5-A
109.03.5-A. Taking Loan Applications - Initial Screening.
Currentness
Mortgage Lenders may accept applications on residences located anywhere within the State. If, after a particular Mortgage Lender initially joins the Single Family Program by executing a Mortgage Origination Agreement, the Mortgage Lender opens additional loan origination branches, the Mortgage Lender must send or fax a letter to ADFA listing the name, address, telephone and contact person at each new location.
a. Date of Sales Contract or Application. Since we have moved to continuous funding, we should always be able to offer Mortgage Loan proceeds. You will no longer have to restrict the date of the Standard Residential Purchase Contract or explain the date the loan application was taken.
b. Pre-Screening Applicants. We request that prior to taking a loan application for an ADFA Mortgage Loan, you take a few minutes to pre-screen the Eligible Borrowers. Ask such questions as:
• Is the Eligible Borrower and any Co-Eligible Borrower a first-time homebuyer?
• Is the Eligible Borrower's spouse a first-time homebuyer even though he or she may choose not to be liable on the Mortgage Loan?
• How does the Eligible Borrower honestly describe his or her credit history?
Once the Mortgage Lender is satisfied with the answers and believes that it has a legitimate candidate for the Single Family Program, then the Mortgage Lender should take the application and proceed to website at: https://www.adfaweb.adfa.state.ar.us/logon.htm
c. Click here for loan origination documents. Origination documents can be processed by the originator with the Eligible Borrower(s) present. You will need to log on the Internet using your originator number, branch number, password and user ID number.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.03.5-A, AR ADC 109.03.5-A
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