15 AAC 151.610. Mortgage purchase program

(a) The Corporation may purchase VA or RD guaranteed and FHA insured loans at market yields, provided the seller and the servicer are each approved by the Corporation under 15 AAC 151.900.

(b) The executive director shall establish and may from time to time revise the agreements with sellers and servicers consistent with the provisions of these regulations to:

(1) provide a form of a commitment contract;

(2) provide a list of completed documents and materials required to accompany the commitment;

(3) establish procedures to set mandatory loan delivery dates; the failure of a seller to deliver a loan by 4:30 p.m. on the mandatory delivery date may result in suspension of the agreement with that seller;

(4) establish rules for the timeliness of reports and remittance of funds; and

(5) list acceptable VA, RD, and FHA loan programs.

History: Eff. 5/7/93, Register 130; am 6/11/96, Register 139; am 5/3/2001, Register 159

Authority: AS 18.56.088

AS 18.56.099

Editor's note: Before Register 130 July, 1994, the substance of 15 AAC 151.610 was contained in former 15 AAC 118.286. The history note for 15 AAC 151.610 does not reflect the history of the section under its former number.

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