(a) If the servicing of a loan is sold to another person, the seller shall notify the mortgagor of the sale within 10 days after the actual date of the sale. The notification must include
(1) the name, address, and telephone number of the person who will assume responsibility for the servicing and accept payments for the loan;
(2) a detailed written financial breakdown of the loan, including the interest rate, monthly payment amount, and current escrow balance.
(b) The purchaser of loan servicing under (a) of this section shall
(1) issue to the mortgagor corrected coupon or payment books, if used;
(2) within 20 days after the due date of the first payment to be made to the purchaser,
(A) notify the mortgagor of the name, address, and telephone number of the person from whom the mortgagor can receive information regarding the servicing of the loan;
(B) inform the mortgagor of changes made regarding the loan escrow account or servicing requirements, including the interest rate, monthly payment amount, and current escrow balance.
(c) A loan servicing agent shall respond within 15 business days to a written request for information from the mortgagor. The written response must include the telephone number of the agent's representative who can assist the mortgagor.
(d) If a mortgagor of a loan is required to maintain funds in an escrow account to cover the payment of the tax or insurance obligations for the mortgaged property, the loan servicing agent shall make each tax or insurance payment in a timely manner as the obligations become due if the funds in the account are sufficient to cover the payment. If the funds in the account are insufficient to make the payment, the loan servicing agent shall promptly notify the mortgagor of the shortage and may make the payment on behalf of the mortgagor.
(e) In this section,
(1) “loan” means a mortgage loan purchased by the corporation under a residential housing loan program authorized by this chapter;
(2) “loan servicing agent” means an institution other than the Alaska Housing Finance Corporation that services a loan.
Structure Alaska Statutes
Title 18. Health, Safety, Housing, Human Rights, and Public Defender
Chapter 56. Alaska Housing Finance Corporation
Article 1. Alaska Housing Finance Corporation.
Sec. 18.56.010. Findings and purpose.
Sec. 18.56.020. Alaska Housing Finance Corporation.
Sec. 18.56.030. Corporation governing body.
Sec. 18.56.040. Meetings of board.
Sec. 18.56.045. Minutes of meetings.
Sec. 18.56.050. Administration of affairs.
Sec. 18.56.052. Executive director.
Sec. 18.56.055. Legal advisor.
Sec. 18.56.060. Employment of personnel.
Sec. 18.56.070. Personnel exempt from state Personnel Act.
Sec. 18.56.080. Interdepartmental cooperation.
Sec. 18.56.082. Alaska housing finance revolving fund.
Sec. 18.56.084. International borrowing.
Sec. 18.56.086. Creation of subsidiaries.
Sec. 18.56.088. Administrative procedure; regulations.
Sec. 18.56.089. Compliance with Executive Budget Act; corporation finances; dividend.
Sec. 18.56.090. General powers and limitations.
Sec. 18.56.091. Home ownership assistance program.
Sec. 18.56.095. Mortgage insurance.
Sec. 18.56.096. Limitation on power to make or purchase mortgage loans.
Sec. 18.56.097. Collateral for loans.
Sec. 18.56.098. Special mortgage loan purchase program.
Sec. 18.56.099. Powers of corporation to deal in mortgage loans.
Sec. 18.56.100. Housing development fund.
Sec. 18.56.101. Eligibility for veterans' interest rates.
Sec. 18.56.103. Federal taxation of interest on bonds and bond anticipation notes.
Sec. 18.56.105. Allocation of lending activities.
Sec. 18.56.106. Nonconforming housing loan program.
Sec. 18.56.107. Loan origination and service fees for rural areas.
Sec. 18.56.108. Simplified refinancing mortgage loan purchase program.
Sec. 18.56.110. Bonds and notes.
Sec. 18.56.115. Independent financial advisor.
Sec. 18.56.120. Validity of any pledge.
Sec. 18.56.125. Capital reserve fund.
Sec. 18.56.135. Loan servicing requirements.
Sec. 18.56.140. Negotiable instruments.
Sec. 18.56.150. Obligations eligible for investment.
Sec. 18.56.160. Refunding obligations.
Sec. 18.56.170. Credit of state not pledged.
Sec. 18.56.180. Officers not liable.
Sec. 18.56.190. Tax exemption.
Sec. 18.56.200. Annual report.
Sec. 18.56.205. Residential mortgage assistance for members of the Alaska delegation to Congress.
Sec. 18.56.210. Market stabilization powers.
Sec. 18.56.220. Duty to advise about corporation's programs.
Sec. 18.56.300. Construction standards for housing eligible for purchase of loans.