SS Memo 07-08
SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
Date: December 18, 2007
The Alaska Division of Corporations, Business, and Professional Licensing announced a change to the General Contractor license previously called “General Contractor – Excludes Residential.” It is now called “General Contractor – Limited Residential.” There has been no change to the type of work this license may perform; it is a name change only. This type of license is insufficient when requesting AHFC financing on newly constructed properties. Lenders must obtain a copy of the contractor’s license that reads “Residential Contractor Endorsement.”
SERVICING GUIDE REVISIONS: CONTACT SERVICING
Effective with the date of this memo Servicers are no longer required to submit reconciliation reports to AHFC by the 20th of the month following the reporting period cutoff date. Instead, Servicers must complete the reports within 20 days of the reporting period cutoff date retaining copies of all reports and attachments, which must be made available to AHFC upon request. Section 11004.07 of the Servicing Guide is being amended to reflect this change.
Multi-Family Reserves for Replacement and Other Escrows
Section 11001.05 is being amended to clarify the functions and limits delegated to the Servicer. Additional instructions are provided for the Escrow for Completion account and other Multi- Family Reserve accounts.
Reporting Remittances to AHFC’s Correspondent Bank
Servicers must report remittances prior to 2:00 p.m. on business days by phone, fax, or email. There is no change to remittances reported via wire transfer that must be received by the correspondent bank prior to 1:30 p.m. Alaska time.