Alaska Mortgages Still Not Regulated

The rise of mortgage fraud and the variance of regulations from state to state have prompted talks of changing and regulating the industry once and for all. Colorado, a state that has a high level of mortgage defaults and fraud cases, has recently joined the battle of making laws to monitor the mortgage industry. Alaska remains as the only state in the US to not have mandatory regulations or laws when it comes to selling or obtaining a mortgage.

Colorado recently passed a law that requires mortgage brokers to register with the state. Alaska does not even require that a broker obtain a license or set amount of training, but “suggests” licensing and 40 hours of classroom training. If the broker works for a company that is licensed, the broker themselves often have to do little to sell mortgages. The lack of monitoring in the state has led to an uprising of mortgage fraud and default, mirroring what is happening within the nation.