Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 56. Alaska Housing Finance Corporation
- Section 93. Insurance.
previous: Section 92
. Veterans' Loans For Residential Housing. [Repealed, Sec. 77 Ch 106 SLA 1980. For Current Provisions See AS 18.56.101
next: Section 94
. New Capital City Mortgage Loans. [Repealed, Sec. 77 Ch 106 SLA 1980].
AS 18.56.093. Insurance.
- (a) There is established in the corporation the housing insurance fund, the rural housing hazard insurance fund, and the
rural housing title insurance fund. The funds shall be completely segregated from all other funds of the corporation,
and are trust funds for the uses and purposes of this section. The corporation may adopt regulations under AS 18.56.088
and enter into agreements with respect to the exercise of any power relating to the funds under this section,
including, without limitation, agreements as to the use of the money in the funds, agreements with respect to the terms
and conditions upon which payments from the funds must be made to the corporation with respect to mortgage loans
insured under this section, agreements as to accounts or subaccounts in the funds for different categories of loans,
and agreements regarding the payment of and security for bonds of the corporation. The corporation may pledge, assign,
or grant other interests in the funds as may be necessary or appropriate in connection with the insurance of mortgage
loans and to provide for the payment of and security for bonds of the corporation.
- (b) In addition to any other fees and charges that the corporation may charge on mortgage loans, the corporation may
collect, or cause to be collected, insurance commitment fees and insurance premiums on mortgage loans insured by a fund
under this section.
- (c) A mortgage loan purchased by the corporation as part of its special mortgage loan purchase program may be insured by
the housing insurance fund, and a mortgage loan on a mobile home or residence located in a remote, underdeveloped,
blighted, or rural area of the state may also be insured (1) against hazard loss by the rural housing hazard insurance
fund when hazard insurance from other sources satisfactory to private mortgage lenders is not, in the opinion of the
corporation, available on reasonable terms, and (2) against title defect by the rural housing title insurance fund when
title insurance from other sources satisfactory to private mortgage lenders is not, in the opinion of the corporation,
available on reasonable terms. The endorsement of the corporation on the mortgage that it is insured by any fund under
this section at the time of purchase or acquisition of the mortgage loan is conclusive evidence that the mortgage loan
is insured under the provisions of this section by the fund.
- (d) Mortgage loans may be insured by a fund or an account in a fund under this section only when the amount in the fund or
in the account as a percentage of the sum of all mortgage loans to be insured and all unpaid principal on mortgage
loans to be insured by the fund or the account equals or exceeds the fund requirement. The fund requirement for each
fund or account shall be calculated as the percentage that the corporation determines is actuarially sound for
operation of the fund or account.
- (e) When the corporation determines what is actuarially sound with respect to the operation of each fund or account in a
fund, it shall consider means of providing sufficient revenue for the operation of the fund or account, without regard
to amounts that may have been or may, after the date of determination of actuarial soundness, be appropriated under (f)
of this section and it shall consider factors which must include, without limitation,
- (1) as to the mortgages insured by the housing insurance fund, or an account of the housing insurance fund, estimates of
future defaults and losses on mortgage loans insured under this section based on actual default and loss experience on
those mortgage loans or on similar mortgage loans in this state or elsewhere, estimates of recoveries on defaulted or
foreclosed mortgage loans based on that experience, the terms and conditions of the mortgage loans insured under this
section, estimates of earnings and income of amounts on deposit in the fund, and any other appropriate factors;
- (2) as to mortgages insured by the rural housing title insurance fund, estimates of defaults and losses by reason of title
defects that are otherwise uninsured, estimates of earnings and income of amounts of deposit in the fund or the
account, and any other appropriate factors; and
- (3) as to mortgages insured by the rural housing hazard insurance fund, or an account of the rural housing hazard
insurance fund, estimates of default by reason of hazard losses which are otherwise uninsured, estimates of earnings
and income of amounts on deposit in the fund or the account, and any other appropriate factors.
- (f) On December 1 of each year the corporation shall ascertain the amount on deposit in each fund established under this
section and in each account of each fund. If the amount in any fund or account is less than the fund requirement for
the fund or account, the corporation shall, no later than January 2 of the following year, certify in writing to the
governor and to the legislature, the amount, if any, required to restore that fund or account to the fund requirement.
The legislature may appropriate the amount and the corporation shall deposit in the fund or account all amounts
appropriated during the then current state fiscal year. Nothing in this subsection creates a debt or liability of the
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.