Section 15.152.910. Fees and procedures.

	(a)  Unless otherwise provided in the regulations of the Corporation, the Corporation will charge a commitment fee with respect to a loan under this chapter as follows:  
		(1) for a loan secured by property with one to four units, one-eighth percent of the initial principal amount of the loan including the cost of mortgage insurance financed by the loan;  
		(2) for a loan secured by property with five or more units, the Corporation shall charge a fee of $1,000 for review of the loan application which shall be credited towards the commitment fee if a commitment is issued. The commitment fee shall be .5% of the committed loan amount.  
	(b)  The Corporation will enter into a commitment to purchase, participate in the purchase, make, or participate in making a loan under this chapter for the following period of time and subject to the following conditions:  
		(1) for a loan to acquire an existing dwelling with one to four units, the commitment period is 120 days, and the Corporation will permit 30-day extensions upon receipt of a fee equal to one eighth of one percent of the loan amount for each extension, but the commitment period including the extensions may not exceed 210 days;  
		(2) for a loan to construct or renovate a dwelling with one to four units, the commitment period is 180 days, and the Corporation will permit up to two 90-day extensions, upon receipt of a fee equal to one eighth of one percent of the loan amount for each extension;  
		(3) for a loan to acquire, construct, or renovate a dwelling with five or more units, the Corporation will, in its discretion, enter into a commitment period up to a maximum of one year. The Corporation shall have the option to extend such commitment periods as it determines necessary. An extension fee of .5% shall be charged for each 90-day extension of the commitment period.  

Authorities

18.56.088;18.56.090;18.56.098

Notes

Authority

AS 18.56.088 AS 18.56.090 AS 18.56.098

History

Eff. 5/7/93, Register 130; am 8/3/94, Register 132; am 4/2/97, Register 142; am 10/29/97, Register 145; am 5/29/2002, Register 164; am 8/13/2004, Register 178