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Become A Mortgage Broker In Arkansas
The licensing and supervision of Mortgage Brokers in Arkansas is
divided between four separate departments or agencies. Mortgage Brokers who are
independents (not a subsidiary of a bank) are licensed and supervised by the Arkansas
Securities Department (ASD).
All Arkansas mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to Arkansas-required content. A
minimum of eight hours per year of continuing
education is required per year, per the SAFE act.
The licensing fee for NMLS for Loan
Originators is $80. The licensing fee for a broker
is $120. Click on the links in the preceding sentences for more details about each
license.
If a
Mortgage Broker in Arkansas is a subsidiary of an Arkansas commercial bank,
of a national bank, or a commercial bank chartered outside of Arkansas, then it will be
supervised by either the Arkansas
State Bank Department, or the Office of the Controller of the Currency, or by the
state in which the commercial bank is chartered.
All applicants must post a continuous Surety Bond
of $50,000.00, plus furnish a recent audited financial statement reflecting a net worth of
at least $25,000.00. A thorough examination is made of prior work experience and
credit-worthy type of activities.
Although Mortgage Brokers doing business in Arkansas do have an affiliate association with
the National Association of Mortgage Brokers, the
Arkansas group does not maintain a separate web site. Those wanting to become a Mortgage
Broker in Arkansas will benefit from being in contact with the NAMB and local association.
Arkansas Mortgage Forms
|
Arkansas Reciprocity States
|
- Most Mortgage forms can be obtained online. Ones
listed below pertain to new salespersons and brokers.
- Mortgage Licensing FAQs
- Surety
Bond Form
|
N/A
(as of 2/23/2010)
|
Arkansas Approved Mortgage Schools Prelicensing and Postlicensing
Education
|
Community Colleges
N/A |
Private Schools
Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
|
Last Update: 2/22/2010
This list may not include all approved schools. Please visit the ASD website for the latest list of approved
schools. |
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This email was sent to you by:
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Anonymous Loan Representative University Mortgage Hackensack NJ 07601 |
(201) 820-4420 |
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YOUR MESSAGE HERE
Become A Mortgage Broker In Arkansas
The licensing and supervision of Mortgage Brokers in Arkansas is
divided between four separate departments or agencies. Mortgage Brokers who are
independents (not a subsidiary of a bank) are licensed and supervised by the Arkansas
Securities Department (ASD).
All Arkansas mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to Arkansas-required content. A
minimum of eight hours per year of continuing
education is required per year, per the SAFE act.
The licensing fee for NMLS for Loan
Originators is $80. The licensing fee for a broker
is $120. Click on the links in the preceding sentences for more details about each
license.
If a
Mortgage Broker in Arkansas is a subsidiary of an Arkansas commercial bank,
of a national bank, or a commercial bank chartered outside of Arkansas, then it will be
supervised by either the Arkansas
State Bank Department, or the Office of the Controller of the Currency, or by the
state in which the commercial bank is chartered.
All applicants must post a continuous Surety Bond
of $50,000.00, plus furnish a recent audited financial statement reflecting a net worth of
at least $25,000.00. A thorough examination is made of prior work experience and
credit-worthy type of activities.
Although Mortgage Brokers doing business in Arkansas do have an affiliate association with
the National Association of Mortgage Brokers, the
Arkansas group does not maintain a separate web site. Those wanting to become a Mortgage
Broker in Arkansas will benefit from being in contact with the NAMB and local association.
Arkansas Mortgage Forms
|
Arkansas Reciprocity States
|
- Most Mortgage forms can be obtained online. Ones
listed below pertain to new salespersons and brokers.
- Mortgage Licensing FAQs
- Surety
Bond Form
|
N/A
(as of 2/23/2010)
|
Arkansas Approved Mortgage Schools Prelicensing and Postlicensing
Education
|
Community Colleges
N/A |
Private Schools
Abacus Mortgage Training
McKissock.com
TheMortgageTrainingCenter.com
Training Pro
|
Last Update: 2/22/2010
This list may not include all approved schools. Please visit the ASD website for the latest list of approved
schools. |
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