In the state of Alaska, mortgage brokers and mortgage lenders are required to obtain a license at the state level. The licenses are regulated and supervised by the Alaska Department of Commerce, Community & Economic Development: Division of Banking & Securities.
The license application process for mortgage companies and mortgage loan originators is handled by the Nationwide Mortgage Licensing System (NMLS). This allows companies and individuals to apply, update or renew a license online (for all participating states).
Types of Mortgage Licenses in Alaska
In Alaska there are three major license types: Company, Branch, and Individual. Each license type depends on the work you perform. The Mortgage Broker/Lender License is the most common one. It is required of any company or sole proprietorship mortgage broker who makes or provides mortgage loans.
In this guide, we’ll cover the Company license type only. You can review the full list on the NMLS website.
Most Common Company License
- Mortgage Broker/Lender License - allows arranging through a variety of sources to provide financing for mortgage loans and assisting borrowers to secure financing for mortgage loans on Alaska residential property.
Alaska State Requirements
All license applications must be submitted via NMLS. Please note that, unless a provisional license, your license will be in effect until the end of the year in which the license is issued. Further information regarding license requirements can be found on the Alaska NMLS page.
If you have NMLS account-related questions, you can contact the NMLS call center at 1-855-665-7123 or use the contact form for MLO education-related questions.
Education and Exams for Licensure
Passing an exam is obligatory for some, but not all AK license types. In order to obtain an Alaska Mortgage Broker/Lender License, you don’t need to complete a pre-license course or pass a test.
AK Mortgage Broker Bonds
Bonds for Company Licenses
- Mortgage Broker/Lender – All Mortgage Broker/Lender License applicants are required to furnish a surety bond in the amount of $75,000. The bond must be electronic and submitted via NMLS.
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Fees for Company Licenses
- Mortgage Broker/Lender License
The fees are non-refundable or transferable and must be submitted via NMLS.
- $1,000 license fee
- $500 application fee
- $100 NMLS processing fee
- $36.25 background check
- $15 credit report
- $75 per hour for additional reviewing and investigating costs. An invoice will be sent to you after the application has been reviewed.