(a) Before purchasing or participating in the purchase of a small community housing mortgage loan, the corporation shall enter into a loan servicing agreement with the private financial institution from which the loan is to be purchased.
(b) The corporation may execute service agreements with private lending institutions or with regional Native housing authorities established under AS 18.55.996 to service loans originated by the corporation or loans originated under AS 18.55.997 .
(c) Under the servicing agreement, the private financial institution or the regional Native housing authority shall administer the loan and may charge the corporation a negotiated origination or servicing fee on the corporation's share of the loan. When appropriate, the private financial institution or the regional Native housing authority may also charge the borrower a reasonable originator fee not to exceed one percent.
Section: Previous 18.56.440 18.56.450 18.56.460 18.56.470 18.56.480 18.56.490 18.56.500 18.56.510 18.56.520 18.56.530 18.56.540 18.56.550 18.56.560 18.56.570 18.56.580 NextLast modified: November 15, 2016