15 AAC 152.910. Fees and procedures

(a) Unless otherwise provided in the regulations of the Corporation, the Corporation will charge a commitment fee with respect to a loan under this chapter equal to one-eighth percent of the initial principal amount of the loan including the cost of mortgage insurance financed by the loan.

(b) The Corporation will enter into a commitment to purchase, participate in the purchase, make, or participate in making a loan under this chapter for the following period of time and subject to the following conditions:

(1) for a loan to acquire an existing dwelling, the commitment period is 120 days, and the Corporation will permit 30-day extensions upon receipt of a fee equal to one eighth of one percent of the loan amount for each extension, but the commitment period including the extensions may not exceed 210 days;

(2) for a loan to construct or renovate a dwelling, the commitment period is 180 days, and the Corporation will permit up to two 90-day extensions, upon receipt of a fee equal to one eighth of one percent of the loan amount for each extension.

History: Eff. 5/7/93, Register 130; am 8/3/94, Register 132; am 4/2/97, Register 142; am 10/29/97, Register 145; am 5/29/2002, Register 164

Authority: AS 18.56.088

AS 18.56.090

AS 18.56.098

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