(a) Unless exempt under AS 06.60.015, a person may not operate in the state as a mortgage lender or mortgage broker with respect to a dwelling located in the state unless the person is licensed as a mortgage lender or mortgage broker under this chapter. (b) A mortgage lender or mortgage broker required to be […]
(a) Unless exempt under AS 06.60.015, an individual may not operate in the state as a mortgage loan originator with respect to a dwelling located in the state unless the individual is licensed as a mortgage loan originator under this chapter. (b) An individual required to be licensed as a mortgage loan originator shall (1) […]
(a) A loan processor or underwriter who is an independent contractor may not operate as a loan processor or underwriter unless the independent contractor loan processor or underwriter is licensed as a mortgage loan originator under this chapter. An independent contractor loan processor or underwriter licensed as a mortgage loan originator shall register with the […]
(a) A depository institution may sponsor a mortgage loan originator under AS 06.60.012(b) if the depository institution is registered with the department under this section, has an exclusive written contract to sponsor a mortgage loan originator licensed under this chapter, is otherwise in compliance with this chapter, and satisfies the other requirements of this section. […]
(a) The following persons are exempt from the mortgage lender or mortgage broker licensing requirements of this chapter: (1) a depository institution; (2) a subsidiary that is (A) owned and controlled by a depository institution; and (B) regulated by a federal banking agency; (3) an institution regulated by the Farm Credit Administration; (4) a federal, […]
(a) The department may participate in the registry and pay the fees required for participation in the registry. (b) The department (1) may establish relationships or contracts with the registry or other entities designated by the registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons […]
(a) An application for a license under this chapter must (1) be on the form prescribed by the department and the registry; (2) contain complete information regarding the applicant; (3) include fingerprints of the applicant, as needed to conduct a background check; and (4) contain other information or supporting material that the department may require […]
A person who holds a mortgage loan originator license may not transfer or assign the mortgage loan originator license.
(a) To apply for a mortgage loan originator license or a mortgage license, the applicant shall, at a minimum, furnish information concerning the applicant’s identity to the registry or the department, including (1) fingerprints for submission to the Federal Bureau of Investigation and any governmental agency or entity authorized to receive that information for a […]
The department shall investigate an applicant for a license to determine if the applicant satisfies the requirements of this chapter for the license.
(a) When an applicant submits an application for a license under this chapter to the department, the applicant shall pay to the department (1) an application fee in partial payment of those investigation expenses incurred by the department; and (2) an annual license fee for the period that terminates on December 31 after the date […]
(a) Before being licensed as a mortgage loan originator, an individual shall complete at least 20 hours of education approved under (b) of this section. At a minimum, the education must include (1) three hours of instruction in federal statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and […]
(a) Before being licensed as a mortgage loan originator, an individual shall pass, under the standards established by this section, a qualified written test on appropriate subject areas, including federal and state law, under 12 U.S.C. 5104(d) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). (b) The department shall treat a written test […]
(a) An applicant for a mortgage license shall file with the application submitted to the department under AS 06.60.020, and an applicant for registration under AS 06.60.014 shall file with the application filed under AS 06.60.014, a bond with one or more sureties. The department shall establish by regulation the amount of the required bond […]
(a) Within 30 days after the date the department determines that it has received a complete application under AS 06.60.020, the required bond if the application is for a mortgage license, and any required fees and investigative costs, the department shall either grant or deny the license. (b) If the department denies the license, the […]
Before granting a license under this chapter, the department shall determine, at a minimum, that (1) the applicant has complied with the requirements of this chapter for obtaining the license; (2) the applicant, including a control person of the applicant, has (A) never had a mortgage lender, mortgage broker, or mortgage loan originator license revoked […]
(a) Subject to (b) of this section, the department may issue a provisional license to an applicant for a mortgage license if the department has made all determinations under AS 06.60.060 necessary for licensure except those determinations based on the criminal history background check required by AS 06.60.027. (b) A provisional license may be granted […]
