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Alaska Mortgage Broker Bond

Alaska Mortgage Broker Bond

AK Mortgage Broker Bonds

Earning the confidence of others requires a combination of competence, integrity, approach-ability and good will. Taken together, these traits go a long way to win friends and influence people. In the world of business transactions and financial services, however, the time needed to build trust is not always in ample supply. Consumers therefore depend on government agencies to vouch for the honesty and ability of various professionals through the issuance of licenses. For some practitioners, like mortgage brokers in Alaska, the state requires bonding, i.e. an assurance from a third party that the prospective licensee is reliable and up to the task. Alaska mortgage broker surety bond are evidence of these assurances.

Call NFP Surety today for quick and easy AK mortgage broker bond quote in minutes!  480-947-3555.

What Is a Surety Bond?

They are binding contracts among three participants. The mortgage broker is called the “principal”, i.e. the object of the agreement. In Alaska, the state government serves as the “obligee.” The principal is obliged to the government to act within its guidelines according to statute and administrative regulation. The final party to the contract is the “surety,” which guarantees to the obligee acceptable performance by the principal. Should the principal fail to perform his or her duties according to the agreement, the surety must cover the cost of damages. It is this insurance that predicates the granting of the broker license.

Why Does Alaska Require Insurance Bonds for Brokers?

Many home buyers (and homeowners) are somewhat overwhelmed by all of the paperwork and personal information required by mortgage lenders (banks and finance companies). They are also unsure about where they stand relative to their credit scores, income, assets, employment and subject properties. Of course, they do not want to invest large amounts of their time and money on applications only to see them rejected one after another. Acting as an agent, the mortgage agents will instead present their case to various lenders that can accommodate the borrowers’ profiles.

With knowledge of credit guidelines and expectations, the broker takes a borrower’s information and finds the bank that will most likely grant the loan on reasonable terms. In so doing, the agent is entrusted with confidential financial information. Unethical or maladroit use of this data not only violates privacy rights, but also exposes the client to identity theft. Accordingly, the state has an interest in licensing principled and capable individuals. Surety companies attest to these traits and put their money behind their testimonies by issuing Alaska mortgage surety bond.

How Does an Alaskan Mortgage Broker Get Bonded?

According to the Alaska Administrative Code, a surety bond for a mortgage broker must cover the principal for a minimum of $75,000. Furthermore, the broker can only do business under one name per license. Any name variations must each operate under a separate license. Obtaining AK mortgage agent surety bond is as simple as submitting a state-formatted application to a licensed bond provider. We will analyze the application to determine how much the principal will have to contribute to the bond’s value. Usually, this involves a very modest percentage.


We examine credit, broker/agent history and finances (assets, judgments etc.). Bad credit is not necessarily a deal breaker, though it may mean a higher payout from the broker. Once the Alaska mortgage surety bonds application is evaluated and payment is received, we issue the bond to the obligee and the principal is one step closer to a mortgage broker’s license.

Approvals for Alaska mortgage agent surety bonds are often quick and easy. Problems with credit or past performance may slow things down but the delay is not lengthy. The end product is an Alaska mortgage insurance bond. The sooner the brokers get it, the sooner they can start doing business in the state of Alaska.

A Mortgage Broker/Lender in the State of Alaska is prohibited from using more than one trade name, fictitious name or DBA for each license obtained. Additional DBAs must be licensed separately. Alaska will only license six (6) DBAs or fictitious names per company.

For more information regarding Alaska Mortgage Licensing Requirements, please visit: https://www.commerce.alaska.gov/web/dbs/ConsumerFinance/MortgageBrokerLendersOriginators.aspx


Learn more on our Mortgage Broker Surety Bonds Page

NFP Surety is a major provider of the $75,000 AK Mortgage Broker surety. For more information please call us, or complete the online application today!

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