Alaska Mortgage Lending Regulation Act
(AMLRA), AS 06.60

Alaska Mortgage Lending Regulation Act (AMLRA), AS 06.60, requires mortgage lenders, mortgage brokers, and originators operating in Alaska to become licensed.

The State of Alaska will begin accepting applications for licensure through the Nationwide Mortgage Licensing System (NMLS) on August 1, 2009.  Current licensees can obtain access and complete all necessary MU forms prior to that date.  The deadline for current licensees to transition their license onto NMLS is October 31, 2009.

Transition Plan: State of Alaska Mortgage Broker, Mortgage Lender and Mortgage Loan Originator Licensing Program

Current Company Licensees/Registrants:

Companies holding a Mortgage License as a Broker, or Lender in Alaska have until October 31, 2009 to complete and submit through NMLS  Form MU1 for their company and  Form MU2 for each of their control persons.

Additionally, for each branch holding a registration, a company must complete and submit through NMLS Form MU3 by October 31, 2009.

It is important that current licensees have all of their Alaska license numbers available when completing and submitting their Form MU1 and Form MU3(s).

Any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan originator license, or other action previously completed in paper form, from July 17, 2009 onward must complete these actions within NMLS.  Paper forms will not be accepted after July 17, 2009.  These transactions can be resumed through NMLS on August 3, 2009.

We encourage you to update your information with our office by July 1, 2009, so at the time of transition there will be no pending changes to submit.

Note: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS.  You will only need to identify the appropriate license in Alaska and complete a few state specific fields.

Current Mortgage Loan Originator’s:
(Including Designated Mortgage Loan Originators)

Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing Form MU4.

Loan originators in Alaska have until October 31, 2009 to complete and submit a Form MU4 through the NMLS.  Companies employing loan originators are required to sponsor their license in NMLS.  Be advised that the Company MU1, the Branch Location MU3 (when the Loan originator works from a branch) and the Loan originator MU4 must all be submitted prior to the company sponsoring the loan originators license.

It is important that current licensees have their Alaska license number available when completing and submitting their Form MU4.

Note: If you have submitted Form MU4 in another state, then you do not need to re-enter your record into NMLS.  You will only need to identify the appropriate license in Alaska and complete a few state specific fields.

Loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the loan originator log in to the NMLS and electronically attest to its accuracy.

Mortgage Loan originators licensed prior to 7/30/09 must meet the additional requirements listed below by November 1, 2010.  Mortgage Loan originators licensed after 7/30/09 must meet the additional requirements listed below by July 1, 2010.

Additional requirements will include;

• Pre-licensure certification - Requires 20 hours of education approved though NMLS
• A Passing Score on a National Mortgage Test
• Satisfactory criminal background check including finger prints
•  Alaska Division of Banking & Securities satisfactory review of a credit report
• License Sponsorship in NMLS by your company