(a) All substitutions of lenders must comply with Sec. 4287.135(a)(2) and (b) of this chapter and paragraph (b) of this section.
(b) The Agency may approve the substitution of a new lender if the proposed substitute lender:
(1) Is an eligible lender in accordance with Sec. 4280.130;
(2) Is able to service the loan in accordance with the original loan documents; and
(3) Acquires title to the unguaranteed portion of the loan held by the original lender and assumes all original loan requirements, including liabilities and servicing responsibilities.