The Alaska Mortgage Broker Surety Bond is required by the Alaska Department of Commerce, Community, and Economic Development, Division of Banking and Securities.
Apply here for your Alaska Mortgage Broker Surety Bond today!
The Alaska Mortgage Broker Surety Bond protects customers against dishonest lending practices, including:
• Knowingly approving a loan for more than the borrower can afford to repay
• Encouraging the buyer to use fraud during the application process
• Pressuring buyers into specific loan products, including high-risk loans or loans with higher interest rates
• Establishing an interest rate on the basis of anything other than the borrower’s credit history
• Charging additional or unnecessary fees
• Deliberately targeting at-risk buyers and suggesting cash-out refinance
Alaska Administrative Code, Title 3, Chapter 14 and the Alaska Statutes Chapter 06.60 Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010 outline the bonding and licensing requirements.
The Alaska Mortgage Broker Surety Bond amount depends on the average amount of mortgage loan volume serviced in a year; however, the bond amount required is generally $75,000.
Valid: 3 years – Renewable
Licensing Fees and Requirements:
- Surety bond
- License application through NMLS
- Certificate of Authority or Good Standing Certificate
- Business plan outlining marketing strategies, products, and target markets
- Submission of Company Form (MU1)
- Attestation form MU2
- Financial Statements
- Credit Report
- FBI criminal background check
- Qualifying Individual
All licensing fees are required by the obligee, not the surety company.
Licenses must be renewed annually on December 31st.
CLICK HERE to apply for your Alaska Mortgage Broker Surety Bond today!
Click Here to Visit our State by State Guide to Mortgage Industry Bonds
How to Get Your Alaska Mortgage Broker Surety Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.