Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Arizona or anyone looking to become a mortgage broker in Arizona.
The
Arizona State Banking Department regulates and supervises
Mortgage Brokers License's 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 the necessary forms for applying for a
Mortgage Broker license in Arizona are available
online. The twenty-seven-page application form reflects the state's desire to be thorough in investigating all prospective
Mortgage Brokers in Arizona.
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.
Before applying for a Mortgage Broker license in the state of Arizona the applicant must attend a required
Mortgage Broker School and then pass the state examination (fee is $50).
All Mortgage Brokers must be Arizona residents, both when they apply and during the full term of their license. Applicants pay an $800 non-refundable application plus $29 for the required fingerprint processing fee. The fingerprints are submitted to the FBI for processing. 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) www.namb.org. 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.
We also offer information and resources for Arizona Commercial Mortgage