SS Single-Family Memo 14-01

Date: April 4, 2014

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Closing Cost Assistance Program (CCAP)
Transaction Assistance Funds (Revised Sections 5013.01 and 5013.03)

AHFC is pleased to announce that the assistance funds (4% of the total loan amount) for CCAP may be applied to the allowable borrower expenses without a restriction to the order in which the funds are applied. Sections 5013.01 and 5013.03 of the Selling Guide have been revised and are attached. 

Lender Questions and/or Assistance

AHFC would like to remind all lenders, including originators, processors, underwriters, and any other lending and/or servicing partners that AHFC has an open door policy and we are available to answer questions concerning our loans and programs. Lenders may call AHFC  Single Family or Multi-Family underwriting staff with questions. AHFC servicing staff is available for servicing inquiries. An alphabetical listing of mortgage contacts is located here:  https://www.ahfc.us/buy/resources/mortgage-staff-directory/. In addition, single family underwriting can be reached at our hotline (330-8400 or toll-free 1-888-854-3884) or at a centralized email in-box: mtgops@ahfc.us.   

Documentation for Wastewater Systems
(Revised Section 2001.12.B.1.a)

The Department of Environmental Conservation (DEC) is now tracking on-site wastewater disposal systems that serve residential homes in Alaska in the Septic Tracking System (SEPTS) database http://dec.alaska.gov/applications/water/SEPTS/.  The Documentation of Construction that is required for installing a septic system will be scanned into the database by DEC and made available online to the public. Lenders may use the SEPTS database to verify a septic system meets ADEC regulations. Section 2001.12.B.1.a of the Selling Guide has been revised and is attached.

Borrower’s Notice of Potential Energy Efficiency Rate Reduction
(Revised Form UND-10)

The wording in AHFC form UND-10 has been revised, but there are no material changes to the form. The new form may be used effective with the date of this memo and becomes mandatory on or after May 15, 2014.

 Minimum BEES Standard
(Revised Section 2001.07.D)

The current minimum BEES standard for new construction (5*) and the historical information for the BEES standard has been added to the Selling Guide. Section 2001.07.D has been revised and is attached.

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FORMS GUIDE REVISIONS: CONTACT UNDERWRITING/SERVICING

(Only available in PDF - Adobe Acrobat or Adobe Reader is required to read/print PDF files)

Revised Form

UND-10

ATTACHMENTS

• Section 5013.01 - Revised
• Section 5013.03 - Revised
• Section 2001.12.B.1.a - Revised
• Form UND-10 - Revised
• Section 2001.07.D - Revised