Mortgage brokers within the state of Alaska must go through various examinations and regulations prior to practicing. The Department of Banking Securities in Alaska regulates all Alaskan mortgages. In addition, all Alaskan mortgage broker licenses are administered by the National Mortgage Licensing System. Mortgage brokers who wish to practice within the state of Alaska must successfully complete approved courses that include Federal Law, Ethics, and Non-traditional Mortgage Lending. Further, all brokers must pass a national licensing examination. All Alaskan mortgage brokers must carry $25,000 in surety bonds, and all brokers must keep up with new regulations by spending more than eight hours per year in an educational setting.
When applying for a mortgage within the state of Alaska, keep in mind that Alaskan law protects consumers against predatory lenders. Some aspects of the 2002 anti-predatory law include the fact that lenders cannot charge fees of more than 6% of a total amount. Additionally, a lender cannot provide a consumer with an amount that a consumer cannot repay. First time Alaskan home buyers generally qualify for low interest rates, FHA loans, and (in some cases) a loan that will cover most closing and down payment costs. Some professionals may also qualify for Alaska’s Extra Credit Teacher Home Purchase Program. To find a mortgage broker that you can trust, take a look at some of our Alaskan-based brokers. |
