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Become A Mortgage Broker In Arkansas

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Arkansas or anyone looking to 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).

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. www.arkansas.gov/bank/Mortgage.html

Effective January 1, 2004 the Arkansas Securities Department adopted the Fair Mortgage Lending Act to supersede all previous Arkansas regulations. Mortgage Broker applicants who are independent (not a subsidiary of a bank) pay a non-refundable application fee of $750.00 for the main office and $100.00 for each branch office. Mortgage Brokers pay a $350.00 annual renewal fee. 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, www.namb.org, 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.

We also offer information and resources for Arkansas Commercial Mortgage.

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