ND SB2079

Adds a new section to North Dakota Century Code chapter 54-17 authorizing the Housing Finance Agency to engage in wholesale servicing mortgage lending business.

Grants the agency powers equivalent to any corporation or limited liability company in conducting wholesale servicing mortgage operations, subject to existing chapter restrictions.

Defines a wholesale servicing mortgage lender as an entity that purchases loans from mortgage originators, pools them, and sells to private or governmental investors while retaining servicing rights without soliciting applications or dealing directly with applicants.

Specifies that the Industrial Commission must implement agency powers and functions through actions and policies it adopts.

Passed the Senate 47-0 and the House 75-17 during the 2013 regular session.