Alaska MLO Exam Info

Specific Alaska MLO Exam Content: There is no such thing as a "standard" mortgage loan originator Exam. All states have varied content from each other. This is why we spend so much time preparing the individual content for the Alaska MLO exam keeping up with the changes as they occur in Alaska.

MLO Practice Exams are organized into categories: When studying for your Alaska MLO exam it is important to know your areas of weakness. We have taken the time to divide up the content into categories such as Federal Law, Loan Origination, General Loan knowledge and ethics. Each Category is graded separately to make it easier to identify and focus on your areas of weakness. Also included are master MLO Exams which incorporate all of the different categories into one test to help prepare you for your Alaska MLO Exam.

Alaska MLO Exam Questions Questions Are constantly Updated: We constantly update all of our Alaska practice questions, including our national practice questions, our explanations and answers, and other content. These all unite to give you the most comprehensive and up to date information for your Alaska MLO Exam.

SAFE Mortgage Loan Originator Test " State Component Alaska Content Outline (50 scored test questions; 10 unscored test questions)

I.    Alaska Division of Banking and Securities (6%) - 3 questions
A. Regulatory authority
B. Department/agency structure
C. Responsibilities and limitations

II.    State Law and Regulation Definitions (10%) - 5 questions
A. Alaska SAFE Mortgage Licensing Act
B. Other State Law and Regulation Definitions

III.    License Law and Regulation (25%) - 12-13 questions
A. Persons required to be licensed
1. Activities requiring licensure
2. Exemptions
B. Licensee qualifications and application process
1. 2. 3. 4.
Financial responsibility (surety bond and surety fund) Background check and fingerprints (criminal check; credit report) Pre-licensing education and experience Testing and retesting
C. Grounds for denying a license
1. Criminal convictions
2. Previous revocation
3. Prohibition
D. License maintenance
1. Continuing education
2. Personal information updates and required notifications
3. Renewal
4. Record keeping and reporting
5.Suspension and reinstatement

IV.    Compliance (46%) - 23 questions
A. Prohibited conduct and practices B.    Required conduct C.    Fees and charges D. Disclosures and agreements
E. Advertising F.    Escrow account requirements
V.    Disciplinary Action (13%) - 6-7 questions
A. Notifications, hearings, and appeals B.    Suspension, revocation, and rescission of licenses C. Penalties/fines D. Civil and criminal liability
Last updated: 9.30.10
Alaska State Test Component Reference List
A number of references and resources are used to develop the SAFE Mortgage Loan Originator Test. The following list is intended to be used as a guide to help candidates prepare for the test component; however, it is not intended to be an all-inclusive list
Alaska SAFE Mortgage Licensing Act of 2010 Chapter 06.60 o   
Alaska Statutes 06.60.010 -.015, .020, .027, .035-.090, .097-.100, .115,
.135-.155, .159-.210, .250-.260, .320-.405, .420-.430, .550-.570, .620, .640, .710, .800, .860-.890, .900, .910, .990

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