New Regulation for Alaska Mortgage Brokers and Mortgage Bankers

Category: Uncategorized
Published: Jan 18, 2009
Legislation was recently passed that now places Alaska-based mortgage bankers and mortgage brokers under the direct regulation of the state’s Division of Banking and Securities.  The new legislation requires all brokers and lenders that apply in the state after 1 July 2008 to ensure compliance with the new regulations.  The law requires all mortgage brokers and mortgage bankers throughoutAlaska, not just new applicants, to be in compliance with the new regulations no later than 1 March 2009.

Some of the new regulations under the Alaska Division of Banking Securities are a more extensive background check, additional monitoring of company records and applications.  There will also be a mandatory examination and annual continuing education requirements for Mortgage Originators.  A surety bond in the amount of $25,000 will be required as well.  However, sinceAlaskais not considered to be a “brick & mortar state”, physical offices will not be required for mortgage brokers/bankers.

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