Alaska Mortgage License Bond

Alaska Mortgage License Bond

To be eligible for and to maintain a mortgage broker or lender license in the State of Alaska, the Department of Commerce, Community, and Economic Development requires a $75,000 Mortgage License Bond.

If you are applying for licensure as a mortgage loan originator, no surety bond is required. However, sponsorship by a licensed mortgage broker or lender is mandated and they will require the Mortgage License Bond in question. 

QUOTE

The Alaska Mortgage License Bond is provided by Jet Insurance Company to act as a financial assurance to the Department that the broker or lender will comply with all mortgage regulations. If a license transgression occurs (e.g. negligence, dishonest behavior, or fraud), funds from the surety bond may be used as a means of restitution to any party that has suffered from financial damages. 

What Is the Lowest Price for the Alaska Mortgage License Bond? 

At Jet, the cost of the Mortgage License Bond is a small fraction of the $75,000 limit and is based on a soft credit check of the broker or lender. For instance, rates begin at $281 for a one-year bond term or you can choose to make a payment of $28 per month.

Jet also offers multi-year bond terms at a discount. Take a look at the price chart below for examples of the preferred tier pricing offered. 

Bond TermCost
Monthly$28
1-Year$281
2-Years$492
3-Years$704
AK Mortgage License Bond Pricing

Alaska Mortgage License Bond Details

The Alaska Department of Commerce, Community, and Economic Development utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage broker and lender licenses, as well as the filing of surety bonds. So once you purchase the Mortgage License Bond with Jet, it must then be filed with the NMLS. 

No need to worry though, the Jet team can take care of this process for you! Simply grant us permission to act as your designated surety company (Jet Insurance Company NAIC #16379) and we’ll take care of the rest. Further details on this process can be found on the NMLS’s Electronic Surety Bond for Licensees webpage. 

In Alaska, mortgage broker and lender licenses expire on December 31st of each year. To ensure you experience a seamless license renewal with the Department, select the renewal button at the bottom of the page for more information. 

For further details regarding the mortgage industry, licensure in multiple states, and applicable surety bond requirements, take a look at Jet’s Mortgage License Bonds Guide.

How to Renew My Bond

See Jet’s process to renew your bond every year. Hint-it’s as easy as your initial bond purchase was!

How to Cancel My Bond

Alaska Mortgage License Bonds have a 30-day cancellation period. View the details on how to cancel your bond.

Bond Claim Process

Mortgage professionals need to be aware of what causes a claim and what happens after a claim is made.

Alaska Mortgage License Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: