Alaska Mortgage Loan Originator

Which agency regulates mortgage loan originators in Alaska?

• AAlaska Real Estate Commission
• BAlaska Division of Banking & Securities
• CAlaska Department of Revenue
• DAlaska Housing Finance Corporation

Alaska primarily uses which type of foreclosure process?

• AJudicial foreclosure only
• BNon-judicial foreclosure (deed of trust)
• CStrict foreclosure
• DAdministrative foreclosure

How many hours of NMLS-approved pre-licensing education must an Alaska MLO applicant complete?

• A10 hours
• B15 hours
• C20 hours
• D30 hours

Under Alaska's non-judicial foreclosure process, what is the minimum notice period the trustee must provide before the foreclosure sale?

• A15 days
• B30 days
• C90 days (3 months)
• D120 days (4 months)

What is the passing score for the Alaska state component of the MLO exam?

• A65%
• B70%
• C75%
• D80%

Under Alaska law, what security instrument is commonly used in residential mortgage transactions?

• AA mortgage deed only
• BA deed of trust with a trustee, trustor, and beneficiary
• CA land contract only
• DA verbal agreement

What annual continuing education requirement must Alaska MLOs complete?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

In Alaska's non-judicial foreclosure process, does the borrower have a statutory right of redemption after the sale?

• AYes, a 12-month redemption period
• BYes, a 6-month redemption period
• CNo, Alaska does not provide a statutory right of redemption after a non-judicial foreclos…
• DYes, a 30-day redemption period

What background check requirements must Alaska MLO applicants satisfy?

• AOnly a state criminal background check
• BFBI criminal background check through fingerprinting and authorization for a credit report
• CA background check conducted by their employer
• DNo background check is required in Alaska

Under Alaska Statute Section 34.20.070, what must the trustee do before conducting a non-judicial foreclosure sale?

• AOnly notify the borrower verbally
• BRecord a notice of default, mail notice to the borrower, and publish notice in a newspape…
• CPost a notice on social media
• DFile a lawsuit in superior court

Which Alaska statute governs the deed of trust foreclosure process?

• AAlaska Statute Section 06.60
• BAlaska Statute Section 34.20.070
• CAlaska Statute Section 45.45
• DAlaska Statute Section 09.35.010

Under Alaska law, what is the role of the trustee in a deed of trust?

• ATo represent the borrower in court
• BTo hold legal title to the property as a neutral third party and exercise the power of sa…
• CTo appraise the property
• DTo provide mortgage insurance

What is the Alaska Division of Banking & Securities' authority regarding examinations of licensed MLOs?

• AThe division has no examination authority
• BThe division can conduct examinations of licensees at any time to verify compliance with…
• CThe division can only examine MLOs every 5 years
• DExaminations require the MLO's prior written consent

In Alaska, can a deficiency judgment be pursued after a non-judicial foreclosure sale?

• AYes, without any limitations
• BNo, Alaska prohibits deficiency judgments after non-judicial foreclosures on residential…
• COnly on commercial properties
• DOnly if the borrower agrees in writing

What must an Alaska MLO disclose to a borrower about their compensation?

• AOnly their base salary
• BAll compensation from any source related to the loan transaction, as required by TRID and…
• COnly commission amounts over $5,000
• DCompensation information is confidential

Under Alaska law, what is the usury limit for mortgage loans?

• A5% per annum
• B8% per annum
• CAlaska generally allows parties to agree on any interest rate for mortgage loans, subject…
• D10.5% per annum

What enforcement actions can the Alaska Division of Banking & Securities take against a violating MLO?

• AOnly issue advisory letters
• BImpose fines, suspend or revoke licenses, issue cease and desist orders, and refer cases…
• COnly require additional education
• DPublish the MLO's name in the newspaper

In Alaska, what is the borrower's right to cure a default before a non-judicial foreclosure sale?

• AThere is no right to cure in Alaska
• BThe borrower can cure the default by paying all past-due amounts plus costs before the tr…
• CThe borrower can only cure within 10 days of default
• DThe right to cure expires when the notice of default is recorded