Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010 (Alaska SAFE Act 2010), AS 06.60
The Alaska SAFE Act of 2010 was passed and signed into law with an effective date of July 1, 2010. The Alaska SAFE Act brought Alaska into compliance with Federal SAFE requirements. The Act replaced the Alaska Mortgage Lending Regulation Act that was enacted in 2008 that initially required mortgage lenders, broker and loan originators to be licensed. A copy of the Alaska SAFE Act 2010 is posted on this website under “Reference Information”.
Applying for Licensure
The State of Alaska began accepting applications for licensure through the Nationwide Mortgage Licensing System (NMLS) on August 1, 2009. The deadline for current licensees to transition their license onto NMLS was October 31, 2009. If you are a current licensee and missed the transition deadline you must reapply for a new license through NMLS.
Applicants for new licenses can obtain the application checklist and complete all necessary MU forms through the NMLS. Further details are provided in the “Frequently Asked Question Section” under “Licensing and NMLS”. A link to NMLS is provided on this website.
Minimum SAFE Mortgage Loan Originator (MLO) Requirements
All Mortgage Loan Originators must meet the first three additional requirements below by November 1, 2010 to be eligible to request renewal of their license in NMLS. Since the independent credit report function will not be available until October 2010, all licensees will be required to authorize a credit report through NMLS at renewal. Full information concerning all of the four additional requirements can be found in NMLS at the NMLS Resource Center under “Professional Requirements.”
- Pre-licensure education - Requires 20 hours of education approved though NMLS.
- A Passing Score on a National Mortgage Test – the National Test is available in NMLS.
- Satisfactory criminal background check including finger prints submitted through NMLS.
- Independent Credit Report – this function is expected to be available in NMLS in October 2010.
Refer to the “Frequently Asked Questions” for more specific information.
State Test
In addition to the National Test, mortgage loan originators must pass a state test that is administered through Pearson VUE Testing. Currently, the state test is not administered through NMLS and licensees must register for the state test outside of NMLS. Instructions are provided in the Jurisdiction-Specific Requirements and Checklist for New Licensees when the MLO requests licensure in Alaska.
On November 5, 2010 the Alaska state test component will be administered through NMLS. MLOs that have taken and passed the state test before November 5, 2010 will be certified by the department to NMLS, and will not have to take the new state test. MLOs that have not passed the current state test before November 5, 2010, will be required to complete the state test through NMLS.
Certification and MLO Deadline date: The department will submit certification to NMLS that the MLO meets eligibility for having passed the Alaska state test. The first certification by the department will be sent to NMLS on September 1, 2010. On November 5, 2010 the state will update the certification to capture all MLOs who have passed the state test subsequent to the September 1, 2010 certification.
When NMLS processes the file it will send the MLO, via email, a notification that the MLO must log back into NMLS and pay an invoice to NMLS to complete the certification process. The invoice will be for $5.00. Once the MLO has paid the processing fee their record will be updated in NMLS. Failure to pay the processing fee may affect the MLOs ability to renew their license.
License Renewal – 2011
All license types and branch registrations are renewed through NMLS. The annual renewal period for 2011 will open on November 1, 2010 and run through December 31, 2010. The license status of licensees who fail to request renewal before January 1, 2011 will be changed by the system to “Terminated – Failed to Renew”.
Late Renewal - Upon payment of a delayed renewal fee through NMLS, licensees may request late renewal until the last day of February 2011. While in this status the licensee will be not be able to conduct business until they pay the delayed renewal fee and the department has approved the renewal. If a licensee fails to request late renewal by the deadline date their license status will be changed to “Terminated – Expired” and they must reapply for licensure to be eligible to conduct mortgage business in Alaska.
Refer to the Frequently Asked Questions and the NMLS website for more details.
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