Section 125.142. Processing and evaluation of applications.

(1) An application for a mortgage loan shall be processed by the authority staff on the  basis  of  the   authority's  processing   and underwriting procedures   and   guidelines.   The     authority       staff       shall undertake such land

appraisals, market surveys and analyses,   reviews  of the architectural design, site plan, and construction costs, materials and methods, and other matters as  may   be determined to be appropriate to insure that  the   proposed  housing  project  is consistent    with    the

authority's processing and underwriting procedures and guidelines.

(2)     An applicant may be required to furnish the  authority   staff  with supplementary information and to amend the application to cause  the proposed housing project to be consistent with the authority's processing and underwriting procedures and guidelines.

(3)  Except as provided for in   R  125.143(3),  upon   completion  of  the processing and approval of the application by the executive   director,  the authority staff's analysis of the application and the executive director's recommendation with respect thereto shall be presented to  the  authority.

History: 1979 AC; 1981 AACS.