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(a) All expenses incurred by the department in processing an application must be paid by the applicant before loan money may be disbursed. These expenses include the cost of title reports and title insurance, recording fees, appraisals, travel, and other direct costs.
(b) A nonrefundable application fee of $100 is due the department at the time an application for a loan under this article is submitted to the department.
(c) An origination fee of one percent of the total loan amount is due from the borrower before loan money may be disbursed.
(d) A loan assumption fee of one percent of the outstanding loan balance is due upon approval by the loan committee and must be paid to the department before the loan assumption is effective.
(e) A late fee not to exceed five percent of the payment amount may be charged to a borrower for each loan payment that is more than 15 days past due.
(f) A modification fee of $100 may be charged to a borrower to process a loan modification of an outstanding loan under this article.
History: Eff. 2/8/2001, Register 158
Authority: AS 44.88.600
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Last modified 7/05/2006