Arizona Mortgage Broker Bonds

License Overview

Arizona has regulated their Mortgage Brokers since 1971. Arizona is a fairly strict state in their competency requirements. The Arizona Department of Financial Institutions is among several states that have adopted the Uniform Mortgage License Application (MU) forms. All mortgage bankers and commercial mortgage bankers (mortgage lenders) and mortgage brokers are required to use only the MU and AZMU forms.

Applicants are required to take a course of study at an approved school. You are required to pass a test before you may apply for the actual license. You will also need 3 years worth of experience, a actual physical location within Arizona, plus a Surety bond in the amounts of $10,000 or $15,000 (depending on investment type for company).

Bad Credit Arizona Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Arizona License Requirements

Age: None

State Residency: None

Experience: 3 years within 5 years of application

Education: Course as required by the superintendant prior to application

Continuing Education: None

Net Worth: None

Surety Bond: $10,000 for any license that has investors limited to institutional investors and $15,000 for any license that has investors labeled as non-institutional investors.

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Background Check: Criminal and credit.

Managing Principle: If any Applicant is structured as a sole proprietor and not currently a physical resident of Arizona then there has to be an employee designated in charge of the license. If the Applicant is anything else then an officer, director, member, partner, employee, or trustee has to be designated as the person who will handle the license for the applicant. The person appointed ma not be a independent contractor. The responsible individual must be a resident of Arizona and have a physical address, they must be active in the activity of the license overall, and have to conform to the requirements of the license.

Arizona State Licensing Fees

Initial Application: $800

Branch Location: $250

Renewal Application: $250 or $500 Licensing Fee - this depends on the total amount of loans written in the previous year. If it is more than 50 it will be the $500 fee), $200 Branch Renewal Fee

Branch Offices:

In State Requirements: Required if in state.

Licensure Requirements: Each Branch Office must have a license.

Branch Manager: Each Branch office must have at least one person who is knowledgeable about the company and is familiar with the requirements of the license, they will also be in charge of adhering to all guidelines and regulations pertaining to the license. A person may over see more than one Branch Office if they demonstrate the ability to adhere to the license requirements.

Exemptions:

Entities: These include the following – a regulated financials institutions, insurance companies, lawyers, and consumer loan companies.

Safe Harbor: A person may make up to 5 loans within the calendar year but only if they make the loan with their own funds for investment reasons. They are forbidden to resell the loan.

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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