Section 3 AAC 80.455 - Costs and fees(a) An applicant shall pay for the department's application processing expenses, including the cost of title reports and insurance, recording fees, appraisals, surveys, travel, and other direct costs.(b) An applicant shall submit a $100 nonrefundable loan application fee to the department with a loan application submitted under either AS 16.10.910(a)(1) or 16.10.910(a)(2).(c) A borrower shall pay an origination fee of one percent of the total loan amount or an assumption fee of one percent of the loan balance when the borrower meets the provisions of 3 AAC 80.410 - 3 AAC 80.480.(d) A late fee not to exceed five percent of the payment amount will be charged to a borrower for each loan payment that is received more than 15 days after the due date for the payment.(e) The department will charge a loan extension application processing fee of up to $100 to a borrower who applies for a loan extension.(f) The department will not charge the late fee in (d) of this section if (1) the borrower submits a loan extension application or a payment plan to the department not more than 15 days after the payment is due;(2) the department approves the borrower's loan extension application or payment plan; and(3) if the borrower (A) meets all conditions for the loan extension or the payment plan; or(B) submits a payment during the department's review of the borrower's loan extension application or payment plan.Eff. 10/16/2012, Register 204; am 7/24/2024, Register 251, October 2024