Alaska Mortgage Lending Regulation Act (AMLRA) Requires State Exam
ProSchools, a national
leader in online mortgage education, has developed an Alaska mortgage
originator exam prep course. This comprehensive course is designed to prepare Alaska
mortgage originators to pass the required state competency test.
On July 1, 2008, the State of Alaska, Division of Corporations, Business and Professional Licensing began licensing and regulating mortgage brokers, mortgage lender, and mortgage originators. All mortgage originators are now required to pass a background investigation and a competency test prior to providing service to Alaska residents.
Those
operating as a mortgage originator in Alaska on
June 30, 2008, do not have to pass the state exam and be licensed until March
1, 2009. Another change is that all mortgage
originators will also be required to complete 24 hours of continuing education
every two years.
Topics on the exam include RESPA, TILA, ECOA, other compliance issues, loan
origination-related math, predatory lending, deceptive trade practices, and
Alaska mortgage lending laws.
ProSchools' exam prep course, designed to prepare
originators for the state exam, contains online lessons, chapter reviews,
practice exams, and a mock final exam.
"ProSchools
has put together a very comprehensive program to prepare Alaska mortgage
originators to pass the state exam," says Steve O’Toole, Regulatory
Director for ProSchools. "More and more states are requiring license exams
for mortgage professionals, in an effort to combat mortgage fraud. ProSchools
is committed to helping Alaska mortgage professionals meet these new
regulations.”
ProSchools offers online real
estate education, insurance education, mortgage lending education, and property
appraisal.
With over 50 years experience developing real estate, insurance, and mortgage
education courses, ProSchools is an approved mortgage provider in Oregon,
Washington, Nevada, Idaho, Iowa, Illinois, Georgia, Maine, Oklahoma,
Pennsylvania, Minnesota, Florida, Texas, and Wisconsin.
More information can be found at the ProSchools web site at www.proschools.com or by calling ProSchools at 1-800-452-4879.