(a) The corporation may establish procedures and requirements for:
(1) The purchase of loans from mortgage lenders by auction, invitation of tender, advance commitment, or other negotiation;
(2) The making of loans through mortgage lenders to eligible borrowers or qualified sponsors;
(3) The allocation to mortgage lenders of money made available under this subpart; and
(4) The participation by mortgage lenders as originators and processors of loans on behalf of the corporation under this subpart.
(b) The corporation may adopt rules under chapter 91 necessary or convenient for the operation of the housing loan programs established under this subpart.