News and Announcements

Mortgage Licensing Highlights

• All mortgage brokers or lenders that make or provide mortgage loans in Alaska shall be required to obtain a license.  This includes all companies that operate on the internet or provide remote lending from another state by mail, or telephone.

• Branch Offices: Alaska does not license branch offices but requires the mortgage licensee to register each office other than the main office identified in the application, whether located in Alaska or not, that is or will be conducting business with Alaska residents.

• Fictitious Names or Doing Business As (DBA): A Mortgage Broker/Lender is prohibited from using more than one trade name, fictitious name or DBA for each license obtained. Additional DBAs must be licensed separately. Alaska will only license six (6) DBAs or fictitious names per company.

• Registration for exemption must be completed on form AKMA8.

• All mortgage originators will be required to pass a background investigation and a competency test.  It is currently taking 10 weeks to process fingerprints. The license will not be issued until successful completion of the competency test.

• All mortgage originators will be required to pay into a surety fund. The fund will be used to compensate consumers for losses they may incur due to unethical or illegal behavior on the part of an originator.

• The division will conduct examinations of licensed entities on a three-year cycle, or sooner if a complaint is made by a consumer.