To obtain a Mortgage Broker License in Arkansas, you need to follow specific steps outlined by the Arkansas Securities Department. Below is a general guide on how to obtain this license:

1. Meet Eligibility Requirements:

   • Be at least 18 years old.
   • Have a high school diploma or equivalent.
   • Demonstrate financial responsibility, trustworthiness, and honesty.

2. Pre-Licensing Education:

   • Complete 20 hours of NMLS-approved pre-licensing education courses specific to mortgage lending. These courses cover topics such as federal mortgage-related laws, ethics, and lending standards.

3. Pass the NMLS Exam:

   • Successfully pass the SAFE Mortgage Loan Originator Test administered by the Nationwide Multistate Licensing System & Registry (NMLS). This exam evaluates your knowledge of federal mortgage regulations and lending practices.

4. Background Check and Fingerprints:

   • Undergo a criminal background check and provide fingerprints through the NMLS. This is to ensure that you meet the character and fitness requirements for licensure.

5. Surety Bond:

   • Obtain a surety bond as required by the Arkansas Securities Department. The bond amount may vary based on factors such as loan volume. The bond serves as a financial guarantee that you will adhere to state regulations and fulfill your obligations as a mortgage broker.

   Financial Statements:

   • Upload a copy of internally prepared financial statements dated within 90 days of your most recent fiscal year end. Financial statements should include a balance sheet and income statement.

6. Errors and Omissions Insurance:

   • Obtain Errors and Omissions (E&O) insurance coverage for your mortgage broker business. This insurance protects you against liability for errors or omissions in professional services provided to clients.

7. Register with the Arkansas Securities Department:

   • Register your mortgage broker business with the Arkansas Securities Department. You’ll need to provide detailed information about your business structure, ownership, and operations.

8. Submit Application:

   • Complete the mortgage broker license application through the Nationwide Multistate Licensing System & Registry (NMLS). Provide all required information accurately and ensure that all supporting documents are submitted.

9. Pay Fees:

   • Pay the required application and licensing fees. Fee amounts can vary, so check with the Arkansas Securities Department for the current fee schedule.

10. Maintain Compliance:

    • Ensure ongoing compliance with all state and federal regulations governing mortgage brokers in Arkansas. This includes maintaining accurate records, adhering to advertising guidelines, and fulfilling any continuing education requirements.

It’s essential to regularly check with the Arkansas Securities Department for updates or changes to the licensing requirements and procedures specific to mortgage brokers. Additionally, consider seeking guidance from legal or industry professionals to ensure compliance throughout the licensing process.