HB314 Summary

• Amends Sections 24-1A-2 and 24-1A-5 of the Alabama Code to authorize the Alabama Housing Finance Authority to service mortgage loans not secured by eligible housing units.

• Adds three new definitions to Section 24-1A-2: "Servicing Qualified Mortgage Loans," "Servicing Qualified Mortgaged Property," and "Servicing Qualified Mortgages" to allow the authority to handle non-standard mortgage loans.

• Grants the authority power to contract with entities for acquisition, servicing, and disposition of servicing qualified mortgage loans made by other entities.

• Authorizes the authority to exercise rights as owner and holder of servicing qualified mortgages, including foreclosure, sale of equity of redemption, and disposition of mortgaged property.

• Takes effect immediately upon passage and approval by the Governor.