C. The committee shall be advisory to the trustee and shall be subject to oversight by the Mortgage Finance Authority Act [58-18-1 NMSA 1978] oversight committee.
D. The committee shall review all project applications and make recommendations to the trustee for funding them. The committee shall not be involved in or advisory to the trustee in matters relating to the investment of the fund.
E. The committee shall adopt and promulgate rules and regulations regarding:
(1) the time, place and procedures of committee meetings;
(2) the procedures for the review of and standards for recommending applications for loans or grant projects; and
(3) the obligations of title companies pursuant to the provisions of the Land Title Trust Fund Act [58-28-1 NMSA 1978].
Source: Inventory of Statutory Executive Boards and Commissions, Legislative Council Service 2010 Update