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(a) The Corporation will, in its discretion, purchase loans from originating lenders pursuant to the applicable program of the Corporation under 15 AAC 151 - 15 AAC 155 only under the following terms and conditions:
(1) the seller must provide a bond, or other form of insurance acceptable to the Corporation, which in either case the Corporation considers sufficient to protect the Corporation against errors, omissions, and fraud;
(2) unless the seller is approved under the provisions of 15 AAC 151.920, the Corporation will purchase a mortgage loan from a seller only after the seller has completed and submitted to the Corporation a loan application with supporting documents as described in the sellers' guide;
(3) the seller must provide for the servicing of the loan either by entering into a servicing agreement with the Corporation pursuant to 15 AAC 150.090 or by identifying another institution that qualifies as a servicer for the loan; and
(4) the lender must enter into a selling agreement with the Corporation.
(b) The Corporation will prepare a sellers' guide which the Corporation will distribute to sellers. The sellers' guide shall:
(1) be prepared and revised as the executive director considers appropriate;
(2) establish criteria for the timeliness of reports and remittance of funds, appraisal procedures, documents necessary for credit determination, and other procedures customarily required by prudent mortgage lenders;
(3) establish the form of all applications for mortgage loans;
(4) contain a list of completed documents and materials that must accompany an application, including proof of borrower eligibility and financial capacity and other documentation customarily required by prudent mortgage lenders;
(5) provide a form of a contract of commitment or approval form; and
(6) require submission of other documents and materials as the executive director considers desirable.
(c) The executive director is authorized to (1) make, participate in the making, purchase, or participate in the purchase of mortgage loans, (2) enter into and terminate agreements with sellers, (3) administer the terms and provisions of agreements with sellers, and (4) administer the terms and provisions of the sellers' guide.
History: Eff. 5/7/93, Register 130
Authority: AS 18.56.088
Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 150.080 was contained in former 15 AAC 118.260 and 19 AAC 80.130. The history note for 15 AAC 150.080 does not reflect the history of the section under 15 AAC 118.260 and 19 AAC 80.130.
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Last modified 7/05/2006