HomeMy WebLinkAboutMINUTES - 05211985 - 1.73 TO: "BOARD OF SUPERVISORS
-�-•-.- Contra
FROM: Anthony A. Dehaesus �f�c}
Director of Community Development tJtJJIa
r`^
DATE: May 3, 1985 * -County
SUBJECT: Amendment to Origination, Service and Administration Agreement for the 1984
Contra Costa Home Mortgage Finance Program
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) 8c BACKGROUND AND JUSTIFICATION
RECOMMENDATION
As Administrator, approve amendment to the Origination, Service and Administration
Agreement pursuant 'to the 1984 Contra Costa Home Mortgage Finance Program, and
authorize the Director of Community Development to execute said amendment.
FINANCIAL IMPACT
None.
BACKGROUND
In connection with the 1984 Contra. Costa Home Mortgage Finance Program, the Authority,
the County as Administrator, the Trustee, .the Compliance .Agent, and the Lending
Institutions entered into an Origination, Service, and Administration Agreement. In order to
correct certain errors, and to enhance program operations the following amendments are
proposed:
1. Enable FHA Insurance to be used within.the Program;
2. Modify home mortgage funding time for Trustee;
3. Clarify lender fee structure_for scattered site/resale component; .
4. Modify Escrow Agent Certificate - Exhibit I .?- to optimize Compliance Agent review
process;
5. Add Mason-McDuffie Mortgage as a lender; '
6. Modify lender fee remittance procedures;
7. Modify procedures for sale of loans.to the Trustee to reflect purchase price discount
of loans made for a non-profit developer; and
8. Make provision for increasing the accrued interest allowed.
This action corresponds with one of the-actions before the Contra Costa Home Mortgage
Finance Authority meeting on--May 14, 1985.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR REG ND TION.O BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
.L UNANIMOUS (ABSENT _ ) 1 HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISOR ON THE DATE SHOWN. W
CC: County Administrator ATTESTED
Community Development PHIL BATCHE R, CLERK6F THE BOARD OF
S PE VISORS AND COUNTY ADMINISTRATOR
Maet/�-e1 BY DEPUTY