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.

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.