Alaska Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Anticoercion and Antitying / Alaska Stat. §21.36.319(c) | Anti-Coercion Notice | A mortgage lender or mortgage broker must inform a borrower or prospective borrower that insurance is required in order to obtain a loan or credit, that loan or credit approval is contingent on the procurement of acceptable insurance by the borrower, or that insurance is available from the lender. |
Document Preparation Fee | The practice of law without a license is prohibited. The practice of law includes, for compensation, providing advice or preparing documents for another that affect legal rights or duties. | |
| Mortgage Lending Regulations / Alaska Admin. Code tit. 3, §14.515(a) | Dual Broker Permission | It is an unfair, deceptive or fraudulent mortgage loan practice for a mortgage broker, engaging the services of another mortgage broker who will charge the borrower an additional fee without obtaining in advance the written permission of the borrower to charge that fee, the amount of which must be specified in writing. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Alaska Stat. §06.60.360(a) | Escrow Agreement | A licensee and a borrower may agree that the licensee will keep in an escrow account all money that the borrower is required to pay to defray future taxes or insurance premiums or for other lawful purposes. The escrow account must be segregated from the other accounts of the licensee and be subject to a written escrow agreement. The licensee may not commingle the borrower's money with the general funds of the licensee. Money deposited in an escrow account must be maintained in the account until it is disbursed in accordance with the written escrow agreement. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Alaska Stat. §06.60.350 | Net Tangible Benefit to Borrower | A mortgage lender or mortgage broker may not refinance a mortgage loan within 12 months after the date the mortgage loan is closed, unless the refinancing is beneficial to the borrower. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Alaska Stat. §06.60.325 | NMLS Unique Identifier | A person operating as a mortgage lender, mortgage broker, or mortgage loan originator must clearly display the unique identifier assigned to the person by the NMLS on all residential mortgage loan application forms, solicitations, and advertisements, including business cards or websites, and any other documents as established by regulation or order of the Department. |
| Real Property Laws / Alaska Stat. §34.20.160(a) | Notice of Remedies Other Than Foreclosure | When a lender uses a note as evidence of an obligation secured by a mortgage or deed of trust, the lender must affirmatively advise the mortgagor, trustor, or other party bound by the notice that the mortgagee or beneficiary wants the option to bring suit directly on the note to collect an amount owing under the note without first foreclosing the mortgage or deed of trust. This option must be stated in writing within the note or as a separate document. If a note executed after May 24, 1988 fails to contain this notice, the mortgage or deed of trust may be foreclosed upon by a court action or by nonjudicial foreclosure. |
| Legal Rate of Interest / Alaska Stat. §45.45.010(g) | Prepayment Penalty Prohibited | Loan contracts and commitments covering 1-to 4-family dwellings may be prepaid without penalty, except federally insured loans that require a prepayment penalty. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Alaska Stat. §06.60.350 | Tangible Net Benefit | A mortgage lender or mortgage broker may not refinance a mortgage loan within 12 months after the date the mortgage loan is closed, unless the refinancing is beneficial to the borrower. The 8 factors to be considered when determining if a refinancing is beneficial to the borrower can be found under the citation. |