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(a) All expenses incurred by the department in processing an application must be paid by the applicant. These expenses include the cost of title reports and insurance, recording fees, appraisals, surveys, travel, and other direct costs.
(b) Except as provided in AS 16.10.310 (a)(10), an origination fee of one percent of the total loan amount or an assumption fee of one percent of the loan balance is due from the borrower when all provisions of 3 AAC 80.065 have been met.
(c) A late fee not to exceed five percent of the payment amount will, in the department's discretion, be charged to a borrower for each loan payment that is more than 15 days past due.
(d) An extension fee not to exceed $100 will, in the department's discretion, be charged to a borrower to process a loan extension.
History: Eff. 9/11/85, Register 95; am 1/11/87, Register 101; am 7/4/91, Register 119; am 3/16/95, Register 133
Authority: AS 16.10.310
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Last modified 7/05/2006