Alaska Mortgage Loan Originator License

Who Is Required To Have This License? Mortgage Loan Originator: Any individual, who for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates the terms of a residential mortgage loan, for any dwelling located in Alaska is required to have this license. Independent Loan Processor or Underwriter: A loan processor or underwriter who is an independent contractor is required to have this license. Important Considerations If you are an active duty servicemember or the spouse of an active duty servicemember, please contact our Licensing Staff via email dbs.licensing@alaska.gov, prior to submitting your application.

Warning: Alaska requires a valid sponsorship request for a Mortgage Loan Originator Application under AS 06.60.012(b)(3). The sponsoring Mortgage Broker/Lender must have an active valid license in Alaska to sponsor Mortgage Loan Originators. Please do not apply for licensure if the Mortgage Broker/Lender you work for does not possess an Alaska Mortgage Broker/Lender License. If you do apply for licensure at the same time as the Mortgage Broker/Lender you work for, it may lead to the abandonment of your application under 3 AAC 14.085. See Chapter 06.60 Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010 and Alaska Administrative Code: Title 3, Chapter 14 for licensing authority. Conditions for Licensure Applicant must demonstrate financial responsibility, as a credit score of 600 or higher is needed for licensure. [3 AAC 14.063] Applicant may not have had any mortgage related license revoked in any governmental jurisdiction. [AS 06.60.060(2)(A)] Applicant may not have been found guilty of, plead guilty or nolo contendere (no contest) to any felony within seven (7) years preceding the date of application. [AS 06.60.060(2)(B)] All above conditions must be met when applying under the Temporary Authority to Operate. Except for testing and/or education, the applicant may receive a request for additional information for deficient items. There is no minimum or maximum commutable distance requirement in the State of Alaska for Mortgage Loan Originators. Working from home does not violate any statutes or regulations regarding Mortgage Loan Originators, as published here: https://www.commerce.alaska.gov/web/dbs/newsandalerts.aspx Pre-licensure Education: [AS 06.60.038(a)] Testing: All applicants must have a passing result on the National Test Component with Uniform State Content. [AS 06.60.040] Fees collected through NMLS are NOT REFUNDABLE.