15 AAC 151.940 - Commitment fees and procedures
(a) Unless
otherwise provided in the regulations of the Corporation, the Corporation will
charge a commitment fee based on:
(1) a
percentage of the initial principal amount of the loan (including the cost of
mortgage insurance financed by the loan) for a loan that the Corporation will
purchase equal to:
(A) one-half percent for a
180 day commitment (for new construction only);
(B) three-eighths percent for a 120 day
commitment; or
(C) one-fourth
percent for a 60 day commitment; or
(2) one half the applicable percentages in
(a)(1) of the initial principal amount of the loan for a loan that the
Corporation will purchase pursuant to the delegated underwriting program
described in
15 AAC 151.920.
(b) Unless otherwise provided in
the regulations of the Corporation, the Corporation will charge an extension
fee which the seller must pay before the Corporation will agree to a 30-day
extension of the Corporation's commitment to purchase a loan under this
chapter. The extension fee is equal to one-fourth percent of the initial
principal amount of the loan. The Corporation will charge a separate extension
fee under this subsection for each 30-day extension but will not permit more
than three extensions for a loan.
(c) The Corporation will, in its discretion,
waive the commitment fee or extension fee required by this section for a loan
made to refinance a prior loan.
(d)
The Corporation will provide for a procedure of commitment by sellers to
deliver qualifying mortgages for purchase by the Corporation at an interest
rate fixed in the commitment; except as otherwise provided in the regulations
of the Corporation, the commitment procedure will provide for commitments to
purchase mortgages by the Corporation for an initial maximum period of 180 days
from the date the commitment is signed by the Corporation and will provide for
payment of the fees described in this section; the procedures shall further
provide
(1) that upon cancellation of a
commitment, a request for a future commitment for a mortgage at a rate lower
than that previously committed to will not be accepted for a period of 90 days
after the date of cancellation of the prior commitment; provided, however, that
if a rate reduction becomes available because the application has been made
under a different program of the Corporation the rate for the refiled
application shall be the rate established for that program at the time the
original commitment was made by the Corporation; and
(2) for other details necessary for the
operation of the commitment procedure.
Notes
Authority:AS 18.56.088
AS 18.56.090
AS 18.56.098
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