15 AAC 150.080. Seller requirements; sellers' guide

(a) The Corporation will, in its discretion, purchase loans from originating lenders pursuant to the applicable program of the Corporation under 15 AAC 151 - 15 AAC 155 only under the following terms and conditions:

(1) the seller must provide a bond, or other form of insurance acceptable to the Corporation, which in either case the Corporation considers sufficient to protect the Corporation against errors, omissions, and fraud;

(2) unless the seller is approved under the provisions of 15 AAC 151.920, the Corporation will purchase a mortgage loan from a seller only after the seller has completed and submitted to the Corporation a loan application with supporting documents as described in the sellers' guide;

(3) the seller must provide for the servicing of the loan either by entering into a servicing agreement with the Corporation pursuant to 15 AAC 150.090 or by identifying another institution that qualifies as a servicer for the loan; and

(4) the lender must enter into a selling agreement with the Corporation.

(b) The Corporation will prepare a sellers' guide which the Corporation will distribute to sellers. The sellers' guide shall:

(1) be prepared and revised as the executive director considers appropriate;

(2) establish criteria for the timeliness of reports and remittance of funds, appraisal procedures, documents necessary for credit determination, and other procedures customarily required by prudent mortgage lenders;

(3) establish the form of all applications for mortgage loans;

(4) contain a list of completed documents and materials that must accompany an application, including proof of borrower eligibility and financial capacity and other documentation customarily required by prudent mortgage lenders;

(5) provide a form of a contract of commitment or approval form; and

(6) require submission of other documents and materials as the executive director considers desirable.

(c) The executive director is authorized to (1) make, participate in the making, purchase, or participate in the purchase of mortgage loans, (2) enter into and terminate agreements with sellers, (3) administer the terms and provisions of agreements with sellers, and (4) administer the terms and provisions of the sellers' guide.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.098

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 150.080 was contained in former 15 AAC 118.260 and 19 AAC 80.130. The history note for 15 AAC 150.080 does not reflect the history of the section under 15 AAC 118.260 and 19 AAC 80.130.

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.