New Alaska Law Exempts Seller Mortgages from Certain Mortgage Licensing Requirements

Alaska recently amended its law regarding exemptions from mortgage lender, broker, and loan originator licensing requirements to, among other things, exempt bona fide nonprofit organizations and seller-financed lenders from certain requirements.  The changes for bona fide nonprofits will become effective on January 1, 2020.  Seller-financing license exemptions became effective on July 8, 2019.

Individual sellers of seller-financed mortgage loans secured by the dwelling are also exempt from mortgage loan originator licensing requirements, with the amended law now allowing up to five properties to be seller-financed in a 12-month period.

READ MORE:  https://www.jdsupra.com/legalnews/new-alaska-law-exempts-bona-fide-40684/

Contributed by Ric Thom,

President Security Escrow
Owner/Broker Selling New Mexico

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