(a) A loan processor or underwriter who is an independent contractor may not operate as a loan processor or underwriter unless the independent contractor loan processor or underwriter is licensed as a mortgage loan originator under this chapter. An independent contractor loan processor or underwriter licensed as a mortgage loan originator shall register with the registry and maintain a valid unique identifier issued by the registry.

Terms Used In Alaska Statutes 06.60.013

  • individual: means a natural person. See Alaska Statutes 06.60.990
  • loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person required to be licensed or exempt from licensing under this chapter. See Alaska Statutes 06.60.990
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage loan: means a residential mortgage loan. See Alaska Statutes 06.60.990
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • operate: means hold out, do business, offer to provide services, or provide services. See Alaska Statutes 06.60.990
  • registry: means the Nationwide Mortgage Licensing System and Registry. See Alaska Statutes 06.60.990
  • unique identifier: means a number or other identifier assigned to a licensee by protocols established by the registry. See Alaska Statutes 06.60.990
(b) An individual engaged solely in loan processor or underwriter activities who is not an independent contractor is not required to be licensed as a mortgage loan originator under this chapter if the individual does not represent to the public, through advertising or other means of communicating or providing information, including the use of the Internet, business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
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