CHAPTER 4. Loan Insurance

Chapter 4 added by Stats. 1993, Ch. 115, Sec. 4.

§§ 51650–51662 · 13 sections

• § 51650 (a) (1) To be qualified for loan insurance, a borrower shall be, or by reason of a loan insured pursuant to this part shall become, the owner of a multifamily…
• § 51651 (a) The agency shall specify the percentage of the outstanding principal indebtedness that may be insured under this part with respect to each category of loan…
• § 51652 Loans insured under this part shall meet all of the following requirements: (a) The loans shall be made for a period acceptable to the agency not to exceed 40…
• § 51653 Notwithstanding any other provision of law, any rental housing development which is financed from mortgages insured pursuant to this part is exempt from both…
• § 51654 The agency may provide insurance pursuant to this part for all of the following: (a) Loans for residential structures that will be occupied primarily by…
• § 51655 Subject to this part, the agency may insure or guarantee loans made by qualified mortgage lenders for the purposes described in Section 51320.
• § 51656 Notwithstanding any other provision of this part, the agency may establish a program of insuring reverse mortgages as authorized by resolution of the board.
• § 51657 (a) The agency shall establish, and may from time to time revise, after public hearings, a schedule of insurance premium rates. The premiums may vary according…
• § 51658 (a) The agency shall establish procedures to be followed by approved lending institutions in the event of default on a loan insured under this part. The agency…
• § 51659 In the event of a default on an insured loan not secured by a first mortgage, the agency may, in lieu of proceeding under Section 51658, acquire the insured…
• § 51660 The agency may initiate programs of coinsurance or reinsurance with, and may procure reinsurance from, any state agency, local agency, agency of the United…
• § 51661 The agency may provide for, and require attendance at, homeownership counseling and training courses as a condition to the insurance of loans for the purchase…
• § 51662 The agency may commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract of insurance, or any other agreement. The…