Specifications include, but are not limited to: The duties of the Servicers shall include, but are not limited to: 1. Purchase qualified CHFA first-time homebuyers first mortgage loans from its approved participating lenders and pool the loans into: a. Ginnie Mae (the “GNMA”) certificates, b. Fannie Mae (the “FNMA”) mortgage-backed securities or c. Freddie Mac (the “FHLMC”) mortgage-backed securities. 2. Purchase corresponding CHFA second and third mortgage loans and service the loans in accordance with its guidelines. 3. Perform all servicing activities based on the guidelines and requirements of CHFA, FHA, VA, USDA/RD, and private mortgage insurance, as applicable. 4. Create custom pools such as GNMA II or FNMA Majors. 5. Create small pools (less than $500,000) subject to GNMA, FNMA or FHLMC approval. 6. Execute FNMA and FHLMC Buy Ups or Downs. 7. Process Loan-Level Price Adjustments (LLPA) 8. Execute through the TBA market as necessary. 9. Provide reports as required by CHFA’s bond resolution, homeownership, Down Payment Assistance (“DAP”) and Time to Own (“TTO”) program documents.
