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Alaska Mortgage Broker License


 

Alaska Mortgage License Requirements

The State of Alaska, Division of Banking and Securities regulates mortgage brokers, mortgage lenders, and mortgage originators.

Alaska Mortgage Broker and Mortgage Lender License Requirements:

  • All mortgage brokers and mortgage lenders that make or provide mortgage loans to Alaska residents are 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 branches and loan originators must be licensed as well.
  • The company must have a minimum net worth of $25,000 and obtain a surety bond policy in the amount of $25,000. No physical office is required in the state of Alaska. The company must also provide recent financial statements from within 90 days.
  • All mortgage originators are be required to pass a background investigation and pay the annual licensing fee in the amount of $210. Originators have until July 1, 2010 to complete the required 20 hours pre-licensing education and pass the state exam. In the meantime, originators must continue to file the license application and pay the state fees and they will be allowed to originate loans under a conditional provision.
  • The division will conduct examinations of licensed entities on a three-year cycle, or sooner if a complaint is made by a consumer.

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