15 AAC 151.945 - Interest rate lock-in agreements
(a) The Corporation
will, in its discretion, offer interest rate lock-in agreements to approved
mortgage sellers. The Corporation will issue an interest rate lock-in agreement
to a seller upon its approval of the seller's request on behalf of a borrower.
The request must include an agreement by the seller to pay a fee of $250 to the
Corporation if the seller fails to submit an application for a loan commitment
on behalf of the borrower during the term of the interest rate lock-in. The
interest rate lock-in request form shall include the borrower's name and social
security number.
(b) An interest
rate lock-in agreement will have a term of 30 days. The Corporation may not
extend the term of an interest rate lock-in nor may the seller terminate the
lock-in prior to its expiration. No borrower may have more than one interest
rate lock-in agreement in effect at any time. A borrower may obtain a new
interest rate lock-in agreement upon the expiration of a prior lock-in
agreement only if all outstanding fees applicable to the borrower's expired
lock-in are paid to the lender.
(c)
The interest rate lock-in agreement shall establish the date on which the
interest rate lock-in application is received by the Corporation. If the seller
submits an application for a loan commitment during the term of the lock-in
which is approved for purchase by the Corporation, the Corporation will
purchase the borrower's loan at the interest rate effective for the applicable
loan program on the date set forth in the lock-in agreement, less any
Corporation approved rate reductions applicable to the borrower's
loan.
Notes
Authority:AS 18.56.088
AS 18.56.090
AS 18.56.098
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