Seller/Servicer Memorandum 20-03

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING
(Anchorage Only: 907-330-8400/ Outside Anchorage: 888-854-3884)

SERVICING GUIDE REVISIONS: CONTACT SERVICING
(Anchorage Only: 907-338-6100/ Outside Anchorage: 800-478-2432)

The Assumptions and Release of Co-Borrower sections have been updated in both the Selling and Servicing guides with clearer instructions on how both should be handled.

Several of the forms have been updated and/or removed.

Assumptions

Selling Guide Section 7006
Servicing Guide Section 12000.10

Release of Co-Borrower

Selling Guide Section 7007
Servicing Guide Section 12000.09

Revised Form

ASM-29   (Loan Modification & Assumption Agreement)

This document has been renamed to Assumption and Change of Loan Program Agreement.  Several items have been removed and/or modified on the document. The ASM-29 must be recorded upon completion.

Removed Forms

ASM-2    (Request for Prior Approval of Credit/Assumption)
ASM-4    (AHFC Review Form / Prior to Release of Co Borrower)
ASM-22  (Assumption Agreement Without Release of Liability/Mobile Homes)
ASM-28  (Assumption Without Release Certification)