(20 ILCS 3805/7.23) (from Ch. 67 1/2, par. 307.23)
Sec. 7.23.
(a) The Authority may acquire, and contract and enter into advance
commitments to acquire, residential mortgages owned by lending institutions
at purchase prices and upon other terms and conditions that are determined
by the Authority. When acquiring those mortgages and contracts, the
Authority may give priority consideration to contracts that include energy
conservation measures, including, but not limited to, solar energy
measures. The Authority may also give priority consideration when the
mortgagor was a domiciliary of this State while serving on active duty in
the military or naval service of the United States at any time during the
period from August 1990 through August 1992 and was stationed outside the
United States and in the "Desert Storm" theater of operations. The
Authority may establish rules and regulations under this subsection,
including provisions regarding energy conservation matters.
(b) The Authority may make and execute contracts with lending
institutions for the servicing of residential mortgages
acquired by the Authority under this Section and pay the reasonable value
of services rendered to the Authority under those contracts.
(c) The Authority shall establish rules and regulations for the purchase
of mortgages under this Section governing: the use that is to be
made of amounts received by the lending institutions upon the purchase of
mortgages by the Authority, including the proportion of those amounts, if
any, that are to be used by the institution for making additional
residential mortgages; the time within which lending institutions must make
commitments and disbursements for residential mortgages, that time for the
making of commitments to be established by the Authority; standards as to
the number of dwelling units and other characteristics of residences, the
construction, acquisition, improvement, or rehabilitation of which is to be
financed by residential mortgages made or to be made by the lending
institution; standards and requirements as to the condition of residential
mortgages to be acquired by the Authority, the mortgagors under those
mortgages, and the representations and warranties of the lending
institutions in connection with that condition; and any other matters
related to those purchases or the residential mortgages that are deemed
relevant by the Authority.
(d) The Authority shall require from each lending institution from which
residential mortgages are purchased under this Section the submission of
evidence satisfactory to the Authority of compliance with the rules and
regulations of the Authority; in that connection, the Authority may
inspect the books and records of the lending institution.
(Source: P.A. 87-595.)
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