§ 6-09-44 — Residential mortgages

1. The Bank may establish a residential mortgage loan program under which the Bank
may originate residential mortgages if private sector mortgage loan services are not
reasonably available. Under this program a local financial institution or credit union
may assist the Bank in taking a loan application, gathering required documents,
ordering required legal documents, and maintaining contact with the borrower.
2. If the Bank establishes a program under this section, at a minimum the program must
provide:
a. An applicant must be referred to the Bank by a local financial institution or credit
union;
b. The loan application must be for an owner-occupied primary residence; and
c. The Bank provide all regulatory disclosures, process and underwrite the loan,
prepare closing documents, and disburse the loan.
3. The Bank may sell eligible first-time home buyer loans to the North Dakota housing
finance agency.