§ 696-f. Servicing. An agency may make provision in a note and loan
agreement or by separate agreement for the performance of loan or grant
servicing functions, including, but not limited to, functions related to
lending or providing a grant for construction, as may generally be
performed by an institutional lender. Such agency may act in such
capacity or appoint or consent to the appointment of a financial
institution or other qualified entity, as determined by such agency, to
act in such capacity on behalf of such agency. Such agency may pay a
reasonable and customary fee to such financial institution or other
qualified entity appointed by such agency, or to whose appointment such
agency provided consent, for the performance of such loan or grant
servicing functions.