The Arizona Department of Financial Institutions
regulates and supervises Mortgage
Originator and Broker Licenses in Arizona. The department's goals focus on supporting
and protecting the end consumer without impeding on the business activity of the Mortgage
Brokers any more than necessary.
All Arizona 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 Arizona-required content.A
minimum of eight hours per year of continuing
education is required nationally per year, per the SAFE act.
The licensing fee for NMLS for
Loan
Originators is $350. The licensing fee for a
broker
is $1500. Click on the links in the preceding sentences for more details about each
license.
A physical office in Arizona is required for all Mortgage Brokers and the person
responsible for the office must be a qualified Arizona resident. The state does not make
any exceptions on this law.
All
Mortgage Brokers must be Arizona residents, both when they apply and during the full
term of their license. A continuous
Surety Bond, issued by a surety company
authorized to do business in Arizona, is also required. A $10,000 Surety Bond is required
when investors are solely institutional investors, and $15,000 if there are any
non-institutional investors.
Other requirements for those seeking a Mortgage Broker career in Arizona: experience in
the mortgage lending business for at least three out of the last five years, a personal
history statement including financial statements, plus copies of any Mortgage Broker
licenses one might have with other states. If you have more than five of these Mortgage
Broker licenses, you only need to include copies of five. An additional license fee is
prorated by Arizona state after the license is approved.
The
Arizona Association of Mortgage Brokers (AAMB), is
an affiliate of the
National Mortgage Brokers Association
(NAMB) . The AAMB promotes the highest degree of professionalism for those in a Mortgage
Broker career and is a true asset and resource for those want to become a Mortgage Broker
in Arizona.
Arizona Mortgage Forms
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Arizona Reciprocity States
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|
N/A
(as of 2/23/2010)
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Arizona Approved Mortgage Schools Prelicensing and Postlicensing
Education
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Community Colleges
N/A |
Private Schools
Arizona
Academy of Real Estate (Sun City)
Arizona School of Real Estate, Inc. (Scottsdale)
Brodsky School of Real Estate (Tucson)
Hogan School of Real Estate, Inc. (Tucson)
Institute of Mortgage and Real Estate
Education, Inc. (Phoenix)
Professional Institute of Real Estate (Scottsdale)
Arizona Mortgage Lenders Association
(Peoria)
Arizona Association of Mortgage Brokers (Peoria)
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Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Arizona Department of Financial Institutions website for
the latest list
of approved schools. |