15 AAC 151.920. Delegated underwriting program

(a) The Corporation will, in its discretion, purchase loans originated and closed by financial institutions which have been approved by the Corporation to participate in the delegated underwriting program. The Corporation will, in its discretion, allow loans that are assumed to be underwritten and modified by those financial institutions approved as delegated underwriters. The Corporation will establish criteria for participation in the delegated underwriting program and will publish the criteria in the sellers' guide. The Corporation will, in its discretion, prescribe an application form for participation in the delegated underwriting program and request that an applicant submit information as is necessary to review the application.

(b) The Corporation will respond in writing within 30 days upon receipt of a delegated underwriting application or, if later, upon receipt of supplemental information submitted by the applicant. If an application is denied, the notice must state the reasons for denial.

(c) An aggrieved applicant may request reconsideration of the decision of the Corporation. A request for reconsideration must:

(1) be in writing;

(2) state the basis of the request;

(3) provide any supplemental information which the applicant believes supports the application; and

(4) be postmarked or delivered to the Corporation within 30 days of receipt of rejection of the Corporation provided under (b) of this section.

(d) The Corporation will respond in writing to a request for reconsideration within 10 working days.

(e) If the Corporation denies the request for reconsideration, the applicant may appeal under 15 AAC 150.210.

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

Authority: AS 18.56.088

AS 18.56.090

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 151.920 was contained in former 15 AAC 118.281. The history note for 15 AAC 151.920 does not reflect the history of the section under its former number.

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