Alaska Mortgage Education
EasyRealEstateSchool.com offers these Alaska mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
- Any individual, who for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates the terms of a residential mortgage loan, for any dwelling located in Alaska.
- A loan processor or underwriter who is an independent contractor.
Who does not need this license?
- Registered mortgage loan originators who are employed by a financial institution
- An individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual
- An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that serves as a seller’s residence
- A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, a mortgage broker or other mortgage loan originator or by any agent of such lender, mortgage broker or other mortgage loan originator
- An individual engaging solely in loan processor or underwriter activities, who does not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
Pre-requisites for license applications:
- Surety Fund Payment – $150.00
- Sponsorship – Mortgage Loan Originators may not be sponsored by, or perform mortgage origination activities for more than one Alaska Mortgage Broker/Lender licensee simultaneously.
- Education – Twenty (20) hours of pre-license course instruction that has been approved by the NMLSR. Minimum course instruction SHALL INCLUDE:
(a) Three (3) hours of federal law and regulations;
(b) Three (3) hours on ethics, to include fraud, consumer protection and fair lending;
(c) Two (2) hours on lending standards for the nontraditional mortgage marketplace;
(d) Twelve (12) hours of additional NMLS approved courses - Testing
National Component Test with a minimum passing score of 75%
Alaska State Component Test with a minimum passing score of 75% - Criminal History
Applicant may not have been convicted of, been found guilty of, pled guilty or nolo contendere to any felony involving fraud, dishonesty, breach of trust or money laundering at any time.
Applicant may not have been convicted of, been found guilty of, pled guilty or nolo contendere to any felony within seven (7) years preceding the date of application. - Regulatory History – Applicant may not have had a mortgage loan originator license, or other mortgage related license, revoked in any governmental jurisdiction.
- Credit Report – Provided through the NMLS and successfully demonstrates financial responsibility.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Alaska State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National Component of the SAFE MLO Test by 11/1/2010. The State Component of the SAFE MLO Test will be available as of 11/5/2010. Licensees should continue to take the AK state test through PearsonVue until 11/4/2010. All new applicants on or after 8/1/2009 must have completed 20 hours of NMLS approved prelicensure education by 7/1/2010. Existing licensees as of 8/1/2009 must complete 20 hours of NMLS approved pre-licensure education by 11/1/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 11/1/2010. All new applicants on or after 8/1/2009 must submit fingerprints through NMLS for a criminal background check by 7/1/2010. Existing licensees as of 8/1/2009 must submit fingerprints through NMLS for a criminal background check by 11/1/2010.
- Credit Report – All licensees will be required to authorize a credit report through NMLS between October 2010 and December 31, 2010. All new applicants on or after 8/1/2009 must authorize a credit report through NMLS by 7/1/2010. Existing licensees as on 8/1/2009 must authorize a credit report through NMLS by 11/1/2010.
Alaska Mortgage Education Requirements
- SAFE Act Pre-License (required courses – SAFE CORE 8 hours) – All licensees as of 7/1/2010 must complete 20 hours of NMLS approved pre-licensure education by 11/1/2010. All new applicants on or after 7/1/2010 must complete 20 hours of NMLS approved pre-licensure education before licensure.
- SAFE Act Continuing Education (required courses – SAFE CORE 7 Hours) – All licensees must complete 8 hours of NMLS approved continuing education in 2011 in order to renew for 2012. All licensees must complete 8 hours of NMLS approved continuing education in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
- Certification (Test) – Currently licensed MLOs who have passed the AK mortgage test no later than 11/4/2010 may be eligible to participate in the testing certification process and may not need to take the AK Component of the SAFE MLO Test. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.