Arkansas Mortgage Broker Bonds

License Overview

Arkansas is a very lenient state when it comes to their Surety Bond requirements. The have set up a very good screening process for potential applicants that has resulted in few claims state wide in the past few years. The Arkansas Securities Department oversees the Mortgage Brokers and regulates the brokers according to the Fair Mortgage Lending Act that was passed on January 1st, 2004. This act supersedes any previous legislation governing Mortgage Brokers.

Arkansas is an easy bond for Surety Companies to write due to having the correct bond language that is Surety friendly. This will make it easy for most clients to shop around for the best quote. Although the bond amount is a bit higher than the national average at $50,000 there are still many Surety Companies that will compete for your business. The Surety Companies will look at the applications for this bond a bit closer due to the higher amounts. They are looking for a minimum credit score of 650, strong personal financials, and strong business financials. New applicants can provide a resume that shows experience within the industry.

Bad Credit Arkansas 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.

Arkansas License Requirements

Age: None

State Residency: None

Experience: A resume showing 3 years previous experience in the industry or attendance in a mortgage lending class.

Education: Mortgage Lending Class if not experienced in the field

Continuing Education: None

Net Worth: Minimum of $25,000 (must give proof with recent audited financial statement)

Surety Bond: $50,000

Free Surety Bond Quote

Background Check: Criminal and credit.

Managing Principle: Each Broker must be registered under the department of Real estate.

Arkansas State Licensing Fees

Initial Application: $750

Branch Location: $100

Renewal Application: $350

Branch Offices:

In State Requirements: None

Licensure Requirements: Each Branch Office must be listed on the license.

Branch Manager: Each Branch office must have a competent and experienced managing member present to adhere to the guidelines set forth by the state.

Exemptions:

Entities: None

Safe Harbor: None

*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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