(a) Before being licensed as a mortgage loan originator, an individual shall complete at least 20 hours of education approved under (b) of this section. At a minimum, the education must include

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Terms Used In Alaska Statutes 06.60.038

  • Fraud: Intentional deception resulting in injury to another.
  • individual: means a natural person. See Alaska Statutes 06.60.990
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • nontraditional mortgage product: means a mortgage product other than a 30-year fixed-rate mortgage. See Alaska Statutes 06.60.990
(1) three hours of instruction in federal statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and fair lending;
(2) three hours of instruction in ethics, including instruction on issues related to fraud prevention, consumer protection, and fair lending; and
(3) two hours of training related to lending standards for the nontraditional mortgage product marketplace.
(b) For the purposes of (a) of this section, a prelicensing education course must be approved under 12 U.S.C. § 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). Review and approval of a prelicensing education course includes review and approval of the course provider.
(c) Nothing in this section precludes a prelicensing education course that is approved under (b) of this section and that is provided by the employer of the applicant, an entity affiliated with the applicant, or a subsidiary or affiliate of an employer or entity affiliated with the applicant.
(d) Prelicensing education may be offered in a classroom, on-line, or by other means approved under 12 U.S.C. § 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).
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