3 AAC 80.355 - Costs and fees

(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) A nonrefundable loan application fee of $100 is due to the department at the time an application is submitted under 3 AAC 80.310 - 3 AAC 80.380.

(c) 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 the provisions of 3 AAC 80.310 - 3 AAC 80.380 have been met.

(d) A late fee not to exceed five percent of the payment amount will be charged to a borrower for each loan payment that is received more than 15 days after the due date for the payment.

(e) A fee not to exceed $100 will be charged to a borrower to process a loan extension application.

(f) The department will not charge the late fee described in (d) of this section if

(1) the department receives from the borrower a loan extension application or a payment plan not more than 15 days after the due date for the payment;

(2) the department approves the loan extension application or payment plan; and

(3) one or more of the following occurs:

(A) the borrower meets all conditions for the loan extension or the payment plan;

(B) the department receives payment during its review of the loan extension application or payment plan.

Notes

3 AAC 80.355

Eff. 10/16/2012, Register 204

Authority:AS 16.10.805