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
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!