Section 3 AAC 170.060 - Lender eligibility(a) The division will treat any private institution or any federal, state, or municipal agency as an eligible lender if the: (1) division is reasonably satisfied, based upon information provided to it from the institution or agency or other information available to the division, the institution or agency is capable of making the loan which is the subject of an application described in 3 AAC 170.030;(2) division is reasonably satisfied, based upon the information provided to it from the institution or agency or other information available to the division, that the institution or agency is capable of servicing the loan and performing its duties under the servicing agreement described in the following clause; and(3) institution or agency has entered into a servicing agreement with the division as described in 3 AAC 170.090.(b) The division will, in its discretion, request information from an institution or agency for the purpose of making the determinations described in (a) of this section at any time, including any time after an initial determination that the institution or agency is an eligible lender. If, in the reasonable judgment of the division, the institution or agency fails to adequately or timely respond to a request for information or if the division reasonably determines that, based upon information it has received, it cannot justify or sustain the findings required by (a) of this section, the division will in its discretion, decline to treat or decline to continue to treat the institution or agency as an eligible lender and will deliver written notice to that effect to the institution or agency.Eff. 1/19/93, Register 125Authority:AS 44.33.765
AS 44.33.770