Alaska Administrative Code
Title 15 - Revenue
Chapter 151 - AHFC General Programs
Article 10 - General Provisions
15 AAC 151.940 - Commitment fees and procedures
Current through February 27, 2024
(a) Unless otherwise provided in the regulations of the Corporation, the Corporation will charge a commitment fee based on:
(b) Unless otherwise provided in the regulations of the Corporation, the Corporation will charge an extension fee which the seller must pay before the Corporation will agree to a 30-day extension of the Corporation's commitment to purchase a loan under this chapter. The extension fee is equal to one-fourth percent of the initial principal amount of the loan. The Corporation will charge a separate extension fee under this subsection for each 30-day extension but will not permit more than three extensions for a loan.
(c) The Corporation will, in its discretion, waive the commitment fee or extension fee required by this section for a loan made to refinance a prior loan.
(d) The Corporation will provide for a procedure of commitment by sellers to deliver qualifying mortgages for purchase by the Corporation at an interest rate fixed in the commitment; except as otherwise provided in the regulations of the Corporation, the commitment procedure will provide for commitments to purchase mortgages by the Corporation for an initial maximum period of 180 days from the date the commitment is signed by the Corporation and will provide for payment of the fees described in this section; the procedures shall further provide
Authority:AS 18.56.088
AS 18.56.090
AS 18.56.098