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Before the division purchases a participation interest in a loan under 3 AAC 170.030, the division will enter into a servicing agreement with the eligible lender. The servicing agreement will include
(1) an agreement by the eligible lender that the eligible lender will provide all servicing for the loan;
(2) provisions establishing methods for the collection of delinquent payments of principal and interest and provisions relating to foreclosure and enforcement of other security rights and relating to audits that may be required by the division;
(3) provisions relating to periodic reports to be filed with the division by the eligible lender and relating to reports of inspections and other information relating to the financial condition of each borrower who is in default;
(4) agreements by the eligible lender to service the loan in accordance with accepted business practices, including prompt collection of amounts due under the loan;
(5) provisions relating to forms of deed of trust and other security documents that are acceptable to the division;
(6) provisions relating to servicing fees that may be charged by the eligible lender;
(7) provisions relating to the payment of late fees to the division;
(8) provisions permitting the division to terminate the servicing agreement with the eligible lender for failure to properly perform under the servicing agreement by the eligible lender;
(9) provisions prohibiting the eligible lender from selling or otherwise disposing of an interest in a loan without prior notice to and approval of the division; and
(10) provisions requiring the eligible lender to collect and deliver to the division an assumption fee equal to one-half percent of the outstanding balance of the loan at the time of any assumption or modification permitted under 3 AAC 170.120.
History: Eff. 1/19/93, Register 125
Authority: AS 44.33.765
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Last modified 7/05/2006