(a) The corporation
may 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 be
(A) approved by the applicable government
agency if the seller intends to originate governmentally insured
mortgages;
(B) approved by either
FNMA or FHLMC if the seller intends to originate conventional mortgages, or is
otherwise approved by the corporation as having the capability and experience
necessary to originate conventional mortgage loans; or
(C) a regional housing authority under AS
18.55;
(2) 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;
(3) 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;
(4) 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
(5) 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.
