How Much Does an Alaska Mortgage Broker Bond Cost?
All applicants for a mortgage license in Alaska must obtain a $75,000 mortgage broker bond.
The cost of your bond is equal to a percentage of the bond’s total amount. The surety which issues your bond determines the rate at which you can get bonded by reviewing your personal credit score. The higher your credit score - the lower your bond cost will be.
|Alaska Mortgage Broker Bond Costs|
|License type||Bond Amount||Starting Price|
|Alaska mortgage brokers/lenders||$75,000||$560|
The surety may also request to review your financial statements, to receive information about your fixed and liquid assets, and more. After considering all of these factors, the surety sets a rate at which you can get bonded.
Wondering how much your Alaska mortgage broker bond may cost? Try our calculator below to get an estimate!
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Do you want to know more about how your bond cost is determined? See our detailed surety bond cost guide for a full explanation.
Can I Get a Bond if I Have Bad Credit?
Yes, even if you have a low credit score, you can still apply for an Alaska mortgage broker bond and get bonded.
Our Bad Credit Program allows mortgage brokers who are currently struggling with a low score or have bankruptcies and liens on their record to get bonded and move ahead.
How Can I Get an Alaska Mortgage Broker License?
To become licensed as a mortgage broker or lender in Alaska, you must apply through the Nationwide Mortgage Licensing System and Registry (NMLS).
The licensing requirements include:
- Register a business entity in the state and provide formation documents
- Get an Alaska business license
- Complete forms MU1 and MU2
- Allow a criminal background check and provide answers to disclosure questions
- Authorize a credit report for persons in positions of control
- Submit a financial statement
- Provide a business plan and an organizational and management chart
- Submit an Alaska mortgage broker bond
- Pay an application and licensing fee