WHEDA, upon receipt of the Request for Guarantee Payment, will review all supporting documentation and determine the final loss. The Lender will be expected to show that they have performed in a timely fashion those servicing functions which the Lender would perform in servicing its portfolio of conventional loans, and has complied with all program requirements including those set out or incorporated in the Master Guarantee Agreement, the Loan Authorization and the Manual, as each of those may be modified or supplemented from time to time.
Using its sole discretion, WHEDA must be satisfied that the Lender has made every effort to collect the Guaranteed Loan and obtain any deficiency judgment against the Borrower. If WHEDA is satisfied that these conditions have been met by the Lender, WHEDA will then forward to the Lender the appropriate percentage of the outstanding principal amount of the Guaranteed Loan, as set forth in the Loan documents, agreed upon by WHEDA and the Lender.
