What is an Alaska Mortgage Broker Bond?
Alaska Mortgage Broker Bonds are required by Alaska's Division of Banking and Securities to obtain your Mortgage Broker license. The Alaska Mortgage Broker Bond amount is set at $75,000. This License is required of any mortgage broker, who is a company or sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly arranges with a variety of lending sources to provide financing for mortgage loans or assists or offers to assist a borrower or potential borrower to obtain financing for mortgage loans on Alaska residential property. This License is required of any mortgage lender who is a company or sole proprietor, who consummates and funds a mortgage loan and who is named as the payee in the promissory note and as the beneficiary of the deed of trust on Alaska residential properties.
The State requires a Mortgage Broker bond that:
$75,000 is the minimum bond required for Mortgage Brokers
Different parts of a bond:
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Alaska Mortgage Broker Bond Information and Requirements:
$75,000 surety bond is required for a mortgage broker. Each trade name requires an additional $75,000 surety bond. All bonds need to be mailed to the Division of Banking and Securities.