Alaska Mortgage Loan Officer Pre-Licensure
How to Get a Mortgage Loan Officer License in Alaska
How to Get Started as an
Alaska Mortgage Loan Officer | Requirements to Become an MLO Through NMLS
We’ve compiled the six steps you’ll need to take to enroll in Alaska Pre-Licensure Education (PE) and start your new career as a Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Alaska Loan Officers have as they consider this exciting new career.
How to Become a Loan Officer in Alaska
1. Request an NMLS Account
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all Alaska MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
2. Complete NMLS-Approved Pre-Licensure Education
In Alaska, you’re required to complete 20 hours of coursework in order to meet the education requirements. The courses include the following:
- 3 hours of Federal Law
- 3 hours of Ethics
- 2 hours of Non-Traditional Mortgage Lending
- 12 hours of General Electives
The course requirements are required by The Department of Labor and Workforce Development.
3. Pass the SAFE Mortgage Loan Officer Test
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Did You Know?
The SAFE MLO Test is not easy, and NMLS previously released a statement that the first-time pass rate was only 58%. Study smarter by purchasing a comprehensive Exam Prep program to help you feel confident on test day.
Buy Your Exam Prep »4. Complete State and FBI Criminal Background Checks
Alaska applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, Alaska applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
5. Complete the NMLS Application
Now it’s time to submit for official Alaska licensure through NMLS. Applicants will apply through the NMLS licensing portal. The NMLS initial processing fee is $30. You’ll also need to pay $250 for the Alaskan application fee and $350 for the license registration fee. For more detailed information on the application and pricing, see the Alaska MLO License Application Checklist.
6. Secure Your Employer Sponsorship
Your Alaska Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Summary of Alaska MLO Fees
$200-$500
Pre-Licensure Education
$30
NMLS Initial Processing Fee
$110
The SAFE MLO Test
$350
Alaska License and Registration Fee,
Including the Surety Fund Fee
$250
Alaska Application Fee
$15
Credit Report
What Else Is There to Know About Becoming a Mortgage Loan Officer in Alaska?
Who is required to have a Mortgage Loan Officer License in Alaska?
This License is required of any natural persons conducting residential mortgage origination activities in Alaska on behalf of a Mortgage Broker or mortgage lender from locations licensed to conduct activity in Alaska.
Read Alaska’s statutes dedicated to the Mortgage Licensing Act for more. Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.
How much do Alaska Mortgage Loan Officers make?
According to ZipRecruiter, Alaska Mortgage Officers make approximately $67,000 per year on average as of October 2021. The 75th percentile of earners makes above $99,000, while the bottom 25th makes under $29,000. Top earners can earn more than $140,000 in Alaska.
What is the Alaska market like for Mortgage Loan Officers?
Alaska is currently experiencing a seller’s market, which means there is plenty of opportunity for an MLO. Over the previous year, home values have grown 4%, and bidding wars are common, especially in Anchorage. This is good news for MLOs as higher home prices translate into larger commission checks.
Is Alaska a good state to work as a Mortgage Loan Officer?
Mortgage Loan Officers in Alaska can make a good living. The median home cost in Fairbanks is $250,000. At a commission rate of 1%, the average sale of a $250,000 loan will generate a $2,500 dollar payday. Anchorage, the largest city in Alaska, boasts an even higher average home price, which is great for MLOs. The average Anchorage home sells for $348,000, which equates to $3,480 in commission per transaction. Home price values are provided by Zillow.
What are some of the notable Alaska mortgage loan companies?
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:
Alaska USA Federal Credit Union
Academy Mortgage (Anchorage)
Cornerstone Home Lending (Soldotna)
Alaska Housing Finance Corporation (Fairbanks)