There are no products in your shopping cart.
STATE OF ALASKA
|
|
|
|
Is a license required? |
Yes. Mortgage brokers in the state do not need a license, but individuals coming from out of state must be licensed. Alaska Mortgage Lending Regulation Act, AS 06.60(Attached as Schedule A) Section states that “Except as provided under AS 06.60.015, a person, including a person doing business from outside this state, may not operate as a mortgage lender or mortgage broker in this state unless the person is licensed under this chapter.” 06.60.990.13 states that mortgage broker means “a person who, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, through the Internet, in person, or by the person itself or an originator who is an employee or under exclusive contract to the person, (A) arranges with a variety of lending sources, who may be private lenders, institutional investors, or wholesale lenders, to provide financing for mortgage loans; or (B) assists or offers to assist a borrower or potential borrower to obtain financing for mortgage loans;” |
|
|
|
|
State
specific loan modification law? |
None. |
|
Advantages
of becoming a licensed Mortgage Broker? |
Mandatory. There are exemptions but none of them are applicable. |
|
|
|
|
Penalties
for operating in the state without a license: |
06.60.370.e states “A mortgage lender, mortgage broker, or originator who knowingly operates without a license or without being registered under AS 06.60.017 and is not exempt under AS 06.60.015 is guilty of a class A misdemeanor.” |
|
Is an
advanced fee permitted? |
There is no specific prohibition on advance fees. |
|
Is a
written agreement required? |
There is no specific requirement for a written agreement. |
|
Other
noteworthy information? |
Several prominent sources about loan modification and mortgage brokers claim that Alaska is not regulated. This is untrue, as explained above. The legislature may pass new legislation on the topic soon, though there are not any bills currently in the legislature. |
|
|
|
|
Alaska
Statutes |
AS 06.06: Ctrl + Click Here License application: Ctrl + Click Here |