ARizona mortgage licensing

Mortgage Broker Licensing

License:  Arizona Mortgage Broker License

Physical Office Required:  Yes
Qualifying Individual Required: Yes, Arizona in-state employee
Minimum Net Worth:  Positive Net Worth
Financial Statements:  Unaudited (not compiled)
Surety Bond Amount:  $10,000
Company License Fee:  $900

Mortgage Lender Licensing

License:  Arizona Mortgage Banker License

Physical Office Required:  Yes
Qualifying Individual Required:  Yes
Minimum Net Worth:  $100,000
Financial Statements:  Audited
Surety Bond Amount:  $25,000
Company License Fee:  1,600

Regulated by:

Department of Financial Institutions
2910 N. 44th Street, Suite 310
Phoenix, AZ 85018
Phone: 602-255-4421
Fax: 602-381-1225 
http://www.azdfi.gov/

 

Click on a state below for specific licensing information

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Arizona Mortgage Broker License Requirements

To obtain a Mortgage Broker License in Arizona, you’ll need to meet specific requirements outlined by the Arizona Department of Financial Institutions (AZDFI). Here’s a step-by-step guide to the process:

  1. Meet Basic Eligibility Requirements:

    • Be at least 18 years old.
    • Have a high school diploma or equivalent.
    • Meet any additional character and financial standards set by the AZDFI.

  2. Pre-Licensing Education:

    • Complete 20 hours of NMLS-approved pre-licensing education courses specific to mortgage lending.

  3. Pass the NMLS Exam:

    • Successfully pass the SAFE Mortgage Loan Originator Test administered by the Nationwide Multistate Licensing System & Registry (NMLS).

  4. Background Check and Fingerprints:

    • Undergo a criminal background check and provide fingerprints through the NMLS.

  5. Company Formation (if applicable):

    • If you’re establishing a mortgage broker company, you’ll need to form it as a legal entity and register with the Arizona Corporation Commission or other relevant agency.

  6. Designated Broker:

    • Appoint a designated broker for your mortgage broker company if applicable. The designated broker is responsible for overseeing the mortgage activities of the company and ensuring compliance with state regulations.

  7. Surety Bond:

    • Obtain a surety bond for the mortgage broker company. The bond amount is determined by the AZDFI and may vary based on factors such as loan volume.

  8. Errors and Omissions Insurance:

    • Obtain Errors and Omissions (E&O) insurance coverage for the mortgage broker company. This insurance protects the company from liability in case of errors or omissions in its professional services.

  9. NMLS Registration:

    • Register the mortgage broker company and any associated individuals (such as the designated broker and loan originators) with the Nationwide Multistate Licensing System & Registry (NMLS).

  10. Submit Application:

    • Complete the mortgage broker license application through the NMLS. Provide detailed information about the company’s structure, ownership, business activities, and any associated individuals.

  11. Pay Fees:

    • Pay the required application and licensing fees to the AZDFI. Fee amounts can vary, so check with the department for the current fee schedule.

  12. Compliance:

    • Ensure ongoing compliance with all state and federal regulations governing mortgage brokers, including maintaining appropriate records, adhering to advertising guidelines, and fulfilling any continuing education requirements.

Arizona Mortgage Banker Licensing Requirements

To obtain a Mortgage Banker License in Arizona, you need to follow specific steps and meet certain requirements set by the Arizona Department of Financial Institutions (AZDFI). Here’s a general overview of the process:

  1. Meet Eligibility Requirements: Ensure you meet the basic eligibility criteria set by the AZDFI. This typically includes being at least 18 years old, having a high school diploma or equivalent, and meeting certain character and financial standards.

  2. Pre-Licensing Education: Complete the required pre-licensing education. In Arizona, this involves 20 hours of NMLS-approved pre-licensing education courses specific to mortgage lending.

  3. Pass the NMLS Exam: You must pass the SAFE Mortgage Loan Originator Test, administered by the Nationwide Multistate Licensing System & Registry (NMLS).

  4. Background Check and Fingerprints: Undergo a criminal background check and provide fingerprints through the NMLS.

  5. Company Formation: Establish your mortgage banker company as a legal entity. This typically involves registering your business with the Arizona Corporation Commission or another relevant agency.

  6. Designated Qualifying Individual: Appoint a designated qualifying individual for your company. The qualifying individual is responsible for overseeing the mortgage activities of the company and ensuring compliance with state regulations.

  7. Surety Bond: Obtain a surety bond for the mortgage banker company. The bond amount is determined by the AZDFI and may vary based on factors such as loan volume.

  8. Net Worth Requirement: Ensure that your company meets the net worth requirement set by the AZDFI. The exact amount varies depending on the type and volume of mortgage lending activities.

  9. Errors and Omissions Insurance: Obtain Errors and Omissions (E&O) insurance coverage for the mortgage banker company. This insurance protects the company from liability in case of errors or omissions in its professional services.

  10. NMLS Registration: Register the mortgage banker company and its associated individuals (such as the qualifying individual and loan originators) with the Nationwide Multistate Licensing System & Registry (NMLS).

  11. Submit Application: Complete the mortgage banker license application through the NMLS. Provide detailed information about the company’s structure, ownership, business activities, and any associated individuals.

  12. Pay Fees: Pay the required application and licensing fees to the AZDFI. These fees can vary, so check with the department for the current fee schedule.

  13. Compliance: Ensure ongoing compliance with all state and federal regulations governing mortgage banker companies, including maintaining appropriate records, adhering to advertising guidelines, and fulfilling any continuing education requirements.