Alaska Mortgage Loan Originator Exam Prep

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Alaska Mortgage Lending License Requirements
Mortgage originators are required to pass a background check, pass a competency exam, pay into a surety fund, and obtain an originator license. Mortgage lenders and mortgage brokers must obtain a mortgage license.

All Mortgage Loan Originators (including designated Mortgage Loan Originators) must do the following:

1. Complete 20 hours of NMLS-approved prelicense education.
2. Submit fingerprints through NMLS for a criminal background check. Licensees as of July 1, 2010 must submit fingerprints by November 1, 2010. New applicants as of July 1, 2010 must submit fingerprints prior to being licensed.
3. All licensees will be required to authorize a credit report through NMLS between October 2010 and December 31, 2010.
4. Pass the National component of the SAFE Mortgage Loan Originator Test.

To permit an orderly transition to the new Alaska loan originator licensing requirements the deadlines to meet the license requirements are:

1. All licensees as of July 1, 2010 must complete the license requirements by November 1, 2010.
2. All new applicants on or after July 1, 2010 must complete the license requirements before licensure.

The Alaska component of the SAFE MLO Test will be available November 5, 2010. Licensees must continue to take the Alaska state test through Pearson VUE until November 4, 2010.

Alaska Mortgage Lending License Exam Information
Pearson VUE, a national testing provider, will administer the competency examination. Before taking the examination, you must contact the State of Alaska prior to scheduling your Mortgage Originator exam for a testing voucher.

To schedule an appointment to take the exam, please visit Pearson VUE's website or call Pearson VUE at (888) 274-7292.

You must contact Alaska for each testing voucher needed. Candidates who do not pass the first examination are required to reimburse the State of Alaska for additional examination attempts. Candidates must submit with the application forms, $150 per additional examination required to achieve a passing score.

SAFE Mortgage Loan Originator Test Information

The SAFE Mortgage Loan Originator Test consists of two separate exams called "components":

1. National component (100 questions with 90 scored and 10 unscored): The exam will cover: 1) Federal mortgage-related laws (35%); 2) General mortgage knowledge (25%); 3) Mortgage loan origination activities (25%); 4) Ethics (15%)
2. Unique State Component (45-60 questions). Until the Alaska component is developed, the state portion of the exam will be administered by Pearson VUE.

To schedule and take an exam you must:

1. Create an account in NMLS. Anyone seeking a license must have or create an account in NMLS prior to enrolling.
2. Enroll in the National and/or State-specific test. The fees for the exam will be paid at the time of enrollment through the NMLS.
3. Study for the exam. Note: You are not required to complete your prelicense education prior to taking the exam!
4. Schedule your exam through either Prometric or Pearson VUE. The test is administered at nearly 500 locations nationwide.
5. Arrive at the test center 30 minutes prior to your appointment with current government-issued ID that contains a photo and signature.