Alaska Mortgage License Requirements

On July 1, 2008, the State of Alaska, Division of Banking and Securities will begin licensing and regulating mortgage brokers, mortgage lenders, and mortgage originators.  The new law will not allow any grandfathering of entities or individuals.

Here are some of the expected requirements of the new Alaska Mortgage License:

• All mortgage brokers or lenders that make or provide mortgage loans to Alaska residents shall be required to obtain an Alaska mortgage license.  This includes all companies that operate on the internet or provide remote lending from another state by mail, or telephone.
• All mortgage originators will be required to pass a background investigation and an Alaska mortgage license competency test prior to providing service to Alaska residents.
• All mortgage originators will be required to complete 24 hours of continuing education every biennial licensing period.
• All mortgage originators will be required to pay into a surety fund. The fund will be used to compensate consumers for losses they may incur due to unethical or illegal behavior on the part of an originator.
• The division will conduct examinations of licensed entities on a three-year cycle, or sooner if a complaint is made by a consumer.

Prior to July 1, 2008, mortgage brokers and lenders are required to register their company with the Alaska Secretary of State. This requirement will remain in effect once the Alaska mortgage license is enforced after July 1, 2008.

To start your Alaska mortgage license application or to legally register your company in Alaska, contact us at info@amlicensing.com