Last time, we reviewed one of the most difficult states to obtain a bond in, Pennsylvania. Today, we will be going over requirements for Arizona, one of the easiest states to get a good bond rate in. In fact, one could use the Arizona mortgage broker bond as a litmus test for future states. If a principal ends up in a high risk program in Arizona, they can be quite certain they will receive high risk quotes for future states as well.
Current Market: The Arizona mortgage broker bond is without a doubt, one of the easiest mortgage broker bonds to obtain a good rate for. If a principal obtains a high rate in the state of Arizona, they will see the same nationwide; it is a reflection of them being a high risk, not the bond.
Bond Amount: A $15,000 if there are any non-institutional investors or a $10,000 surety bond is required if investors are only institutional investors.
Bond Form: The bond form is agreeable with bonding companies. We still have yet to come across a surety that is not willing to write the Arizona bond. It has cancellation and aggregate language that most bonding companies require. There is nothing out of the ordinairy that would cause a surety to decline an applicant due to the language of the guarantee.
Additional State Requirements: The Arizona State Banking Department handles Mortgage Broker Licenses in Arizona. The department excels in assisting the consumer while not interferring with the mortgage brokers more than necessary. Just as 17 other states, a physical office in Arizona is required for all brokers. Brokers must be Arizona residents, both when they apply and during the full term of their license. The applicant must attend a class and pass the state examination, which includes a $50 fee. Applicants must pay $800 to apply plus $29 for the FBI to process their fingerprints. The state requires experience in the industry for at least three out of the last five years, personal financial statement, copies of licenses (if applicable) with other states.
Special Programs: We offer an exclusive “Instant Approval Online Program” for this particular bond. The application takes less than five minutes to complete and the quote is given to you immediately, online. You can access the program at: Mortgage Broker – Instant Approval Online Program
The Arizona mortgage broker bond is on the opposite spectrum of the Pensylvania bond when it comes to sureties willing to write the bond. The state requires the proper education to make the bonding companies feel secure with guaranteeing a business. The bond form also has language agreeable to the bonding companies. If an applicant obtains a high rate for an Arizona mortgage broker bonds, they can be sure they will see the same in other states, as it is a reflection of their risk and not the current surety bond market for this particular bond.