Message from the Board

Fellow Alaska mortgage professionals,

Rates climbing again has a familiar shape to it if you have worked a desk in this state longer than a few years. We watched this before: the runway from near zero into the sevens, the refinance pipeline going quiet almost overnight, purchase business becoming the only business. Anchorage did not stop growing during that stretch, and neither did Wasilla or Fairbanks. People still needed a place to live, and somebody still had to write the loan.

What got Alaska through that stretch was ordinary. People in this association calling each other when a file got strange, comparing notes on a jumbo condo loan or a thin rural comp, showing up to lunch even in a slow month. That is still true this fall.

Rates will do what rates do. This industry in this state has outlasted worse stretches than this one, and it will outlast this one too.

All the best,

Benjamin Reynolds - President, Alaska Mortgage Bankers Association

Thank you to our AMBA Monday Morning News Sponsor

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Next Luncheon!

THIS WEEK!!! -- The NAR Settlement, Two Years On

The practice changes took effect August 17, 2024. Two years and six weeks later, AMBA opens the season with an update on where things actually stand, bringing together an industry panel with an agent, a lender, and a title representative on what has worked well and what has not.

Most of the 2024 predictions have now been tested. A Cotality and ResiClub survey conducted in February and March of 2026 found roughly two-thirds of agents reported no significant change in commission levels since the settlement. The appeals are also still live: a three-judge Eighth Circuit panel heard argument in St. Louis on January 14, 2026, with a decision expected in late summer or early fall.

The update covers where the settlement stands and what the practice changes have meant in practice. The panel is the rest of it. Three professionals who sit at different points in the same transaction, comparing notes on what they have figured out since 2024 and where the process still gets rough.

Alaska is a small market. The same people close most of the deals in a given community, which means the practical fixes tend to come from a conversation rather than a memo. This is that conversation, with the whole industry in the room instead of two of us at a closing table.

Who should come:

Loan officers, processors, underwriters, closers, and title staff. Realtor partners are welcome as guests, and this is the meeting of the year to bring one to.

Join our amazing panel of guest speakers:

Moderated by AMBA President, Benjamin Reynolds

Luncheon Schedule:

Doors Open at 11:30 AM
Food Served at 11:45 AM
Meeting Starts at 12:00 PM
Meeting Ends at 1:00 PM

Reminder!!!

All member companies and employees have been added and have an account created. Login using your company email and, if this is your first time logging in, select the "Forgot Password" option to update your password. If there are any issues with logging in, please contact us at [email protected] or Benjamin Reynolds at [email protected].

This Month's Meeting Sponsor:

JOIN US AS A SPONSOR TODAY

Learn more about Catering Sponsorship and Venue Sponsorship by clicking on the appropriate link. Contact us at [email protected] for more information or sign up using the associated registration.

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News From Last Week

House Committee Advances Bill Stripping CFPB of Fed Funding

On September 16, the House Financial Services Committee voted 28-21, along party lines, to advance H.R. 10184, the Consumer Financial Protection Accountability and Reform Act of 2026. According to the committee's own summary, the bill would move the CFPB off Federal Reserve funding and onto annual congressional appropriations, add new rulemaking and retrospective-review requirements, and narrow the standard for "abusive" conduct. The bill now goes to the full House; no floor date has been set.

Alaska Impact: Every AMBA member operates under rules this agency writes, from TRID timing to servicing transfers. A CFPB funded one appropriations cycle at a time is a CFPB whose rulemaking calendar can slow or stall with a government funding fight, which is worth watching if you have a pending comment period or an exam scheduled.

Alaska Rents Rise 2.1%, the Slowest Pace in Five Years

The Alaska Department of Labor and Workforce Development's September Alaska Economic Trends, released September 23, put statewide two-bedroom rent growth at 2.1% over the past year, the smallest annual increase since before the pandemic. The same report put Alaska's 2025 median home price at $415,000, with a typical monthly payment now 84% higher than in 2019, largely on rate rather than price.

Alaska Impact: The report shows the widest divergence in the Mat-Su, where two-bedroom rent rose 12.8% to $1,567, the fastest of any borough, while Wrangell-Petersburg sits at $1,288. If you write loans in the Valley, expect debt-to-income conversations that look different than they did even a year ago.

UAD 3.6 Becomes Mandatory for New Appraisal Submissions November 2

Fannie Mae and Freddie Mac's dual-submission window for the redesigned Uniform Appraisal Dataset and Uniform Residential Appraisal Report closes November 1. Per Freddie Mac's published transition timeline, every appraisal submitted on a new loan starting November 2 must be in UAD 3.6 format. UAD 2.6 forms will no longer be accepted for new submissions after that date, and the broad-production period that began January 26 ends with it.

Alaska Impact: Rural comparable selection already runs thin in places like Bethel and the Interior, and the new form changes how condition and quality ratings get entered. If your AMC or in-house appraisers have not run a live 3.6 file yet, November is not the month to find out the software isn't ready.

Freddie Mac Rate Averages 7.03%, First Time Above 7% in a Year

Freddie Mac's Primary Mortgage Market Survey, released September 24, put the 30-year fixed rate at 7.03%, up from 6.95% a week earlier. Freddie Mac's own release attributed the move to a mix of factors, including firmer Treasury yields following recent economic data, rather than any single cause. MBA's weekly applications survey for the week ending September 18 separately showed its Market Composite Index down 1.5%, with refinance applications down 3% and purchase applications down 1%.

Alaska Impact: On a $415,000 Alaska home at 80% loan-to-value, the move from 6.95% to 7.03% adds roughly $18 a month to a 30-year payment, and about $80 a month compared to where rates sat this spring. Small on paper, worth mentioning if a borrower is deciding whether to lock this week or wait.

Senate Banking Committee Advances CFPB Director Nominee to Full Senate

The Senate Banking, Housing, and Urban Affairs Committee voted September 18 to advance Brian Johnson's nomination for CFPB Director to the full Senate. According to committee coverage of the vote, Johnson cleared committee largely along party lines and now awaits a floor vote, with no date yet scheduled. A confirmed director would be the agency's first permanent head to take office since the current administration began.

Alaska Impact: A confirmed director sets the tone for how aggressively the CFPB enforces existing rules and how quickly it moves on new ones. Worth tracking alongside H.R. 10184 above. Two different levers on the same agency, moving at the same time.

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Upcoming Events

Save the dates for the 2026-2027 Season!

It's that time of the year where we are able to announce dates for our 2026-2027 season here at AMBA. Dates are subject to change based on availability, speakers, special events, etc. As of August 10th, our upcoming schedule is going to be:

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Welcome New Members!

AMBA has represented Alaska's mortgage industry since 1976. Membership is held by the company, and every person the company names gets a full seat: nine meetings a year - in person at a discount or virtual for free, a directory listing under their own name, committee eligibility including Legislative Affairs, and the Monday Morning News. Individual membership is available to professionals whose employer is not a member company.

Email [email protected] or call (907) 206-7363 to find out how you can join!

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New Job Posts

Hiring in Alaska

AMBA members get access to post directly on AMBA's website for new prospective candidates. Sign in to your member account today to post your latest position.

Currently Hiring:

Senior Production Processor - Global Home Loans

Escrow Officer and Assistant - First American Title

Mortgage Underwriter - First National Bank Alaska

Originator Assistant - Global CU Home Loans

Mortgage Loan Originator - Global CU Home Loans (multiple locations)

Residential Mortgage - Receptionist in Soldotna and MLOs in Anchorage

Thank you to our Career Board sponsor - First Rate Financial!

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