Section 3 AAC 14.415 - Supervision required(a) A mortgage licensee shall supervise all operations and personnel at its principal office and any branch offices to ensure compliance with AS 06.60 and this chapter. A mortgage licensee or a registered depository institution shall diligently supervise each person operating as a mortgage loan originator for the mortgage licensee or for the registered depository institution, whether under an exclusive contract or as an employee.(b) A mortgage licensee or a registered depository institution shall (1) establish, maintain, and enforce procedures to supervise the activities of all personnel, including persons operating as mortgage loan originators on behalf of the mortgage licensee or of the registered depository institution;(2) monitor and review the activities of all personnel at each business location, including persons operating as mortgage loan originators on behalf of the mortgage licensee or of the registered depository institution, to ensure compliance with AS 06.60 and this chapter; and(3) ensure that each mortgage loan originator working on behalf of the mortgage licensee or of the registered depository institution has the training and education needed to comply with AS 06.60 and this chapter.(c) A mortgage licensee and a registered depository institution shall ensure that _if a mortgage loan originator's home or other location is used to conduct the majority of activities of a mortgage loan originator that the mortgage loan originator's home or other location is registered as a branch office for the mortgage licensee or the registered depository institution.Eff. 7/1/2008, Register 186; am 12/4/2010, Register 196; am 1/1/2017, Register 220, January 2017Authority:AS 06.60.012
AS 06.60.159
AS 06.60.910