Get Your Mortgage Loan Originator License in 2021!
Alaska Pre-Licensing Education
Starting at: $349 Now Only $239!
Use Promo Code: 20PEDEAL
Becoming a Mortgage Loan Originator can feel like a daunting task. MEC is here to make it as easy as possible for you! Obtaining your MLO License is a simple process. Follow the steps below, and you’re well on your way to becoming a licensed Loan Originator in Alaska!
How to Get Your MLO License in Alaska
1 Request an Account from the NMLS
The first step to getting your Alaska Mortgage License is to request an NMLS account and an ID number. To do this, Log Into The NMLS and select “Request an Account". Step-by-step instructions will also load into your MEC account upon purchase of your pre-licensing education.
2 Complete Your Pre-Licensing Education
Alaska requires MLOs to complete a total of 20 hours of NMLS-approved education. These 20 hours will include 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-Traditional Mortgage Lending, and 12 hours of additional electives.
MEC is an NMLS approved course provider.
3 Pass the NMLS Licensing Exam
After your education is complete, you will need to schedule an appointment for the National Test Component exam. Study hard because you will need to pass with a 75% or better to apply for your license. Find out how to sign up for your exam here.
4 Apply for your Alaska MLO License
After you pass your NMLS mortgage exam, you need to apply for your NMLS license. You can find all of the information to complete this step here
To finalize your application, you will need to pay several nonrefundable fees and get a background check. You can find more information on completing your background check here.
REMEMBER
You will need to associate your NMLS Account with your employer. Your license will show a pending status in Alaska until you have employer sponsorship. This lets the government know that an employer is supervising your license. Learn how to associate your NMLS account with your employer here.
Frequently Asked Questions
Alaska Mortgage Licensing Requirements
Alaska requires 20 hours of NMLS approved education. Mortgage Educators & Compliance offers the full 20 hours for a low price of $239. We will even throw in our state-of-the-art Test Prep Pro package to help you pass that NMLS National Exam.
MEC offers your pre-licensing education in a variety of formats to provide you with the most flexibility. You can take an Online Instructor-Led (OIL) Course, a Live Webinar, or a Live Classroom. We find that most of our future loan officers opt for our most flexible OIL format. This course consists of pre-recorded video lectures and quizzes to ensure content retention.
Once you have finished your course, we will report all of your completed credits to the NMLS within seven business days. This service is included in the price of your education.
Mortgage Broker vs. Mortgage Loan Originator
Mortgage broker licenses are often confused with the more common loan officer license. While the terms mortgage broker, loan officer, and mortgage loan originator are similar, they aren’t quite the same. So what’s the difference?
Generally speaking, a mortgage broker is a company that employs mortgage loan officers. The loan officers originate loans for home-buyers when they are looking for a loan for their mortgage.
PE Expiration Policy
PE Expiration is a policy created by the NMLS Policy Committee. Simply speaking, it requires an individual to retake pre-licensure education if he or she fails to acquire a valid mortgage license within three years from the last date of licensure. Alaska is currently pending this enactment, so the policy is not actively enforced. You can check its status here.
Cost of Getting Your Mortgage License in Alaska
When you’re ready to apply for your license, be aware of the following fees:
$350 - Registration Fee
$250 - Application Fee
$30 - NMLS Processing Fee
$15 - Credit Report
$36.25 - Background Check
Continuing Education
Every MLO is required to complete NMLS-approved Continuing Education every year after being approved for an initial license. Alaska requires 8 hours of Continuing Education, including 3 hours of Federal Law, 2 hours of Ethics, 2 hours of Non-Traditional Mortgage Lending, and a 1 hour elective.
Don’t procrastinate your education! The NMLS “Smart” Deadline is December 11, 2020.
Need More Information?
The NMLS provides many resources for your benefit. You can visit Alaska’s MLO New Application Checklist or view the NMLS State-Specific Requirements
For more state-specific information you can contact the Alaska Division of Banking & Securities via email at [email protected] or by phone at (907) 465-6339.
Additional Questions?
MEC is here to answer any question you may have about your Alaska Mortgage License. Feel free to reach out to our licensing specialists at (801) 676-2520 or send us an email at [email protected]
