Sec. 2306.296.  REVIEW AND SUBSTITUTION OF PURCHASED MORTGAGE LOANS.  (a)  The department shall review each mortgage loan purchased or financed by the department to determine if the loan meets:
(1)  the conditions of this chapter;
(2)  the department's rules;  and
(3)  any commitment made with the mortgage lender to purchase mortgage loans.
(b)  The department may require the substitution of another mortgage loan if it determines that a loan does not comply with the criteria of Subsection (a).
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.