SS Memo 08-08

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: October 3, 2008

Credit
(Section 1001)

Seller/Servicer Memorandum 08-07, issued on October 1st, provided guidance and clarification of AHFC expectations regarding acceptable credit. Effective immediately, the third (last) paragraph is hereby rescinded. Lenders are referred to Section 1001.05 (B) which has been revised for clarification to read:

If AHFC determines that a loan does not meet program eligibility requirements or credit and property standards as set forth in Part II and Part IV of this guide, or that the loan violates AHFC regulations, Alaska Statutes, or Internal Revenue Service regulations governing the Mortgage Subsidy Bond Tax Act, the Lender must correct the deficiency to AHFC's satisfaction within 30 days of notification, or repurchase the loan.