In Arkansas, mortgage broker, mortgage banker, and mortgage servicer licensing is done at the state level. The licenses are regulated by the Arkansas Securities Department.
The license application process for mortgage companies and mortgage loan originators is handled by the Nationwide Mortgage Licensing System (NMLS). This allows companies and individuals to apply, update, or renew a license online (for all participating state agencies).
Types of Mortgage Licenses in Arkansas
Arkansas has three major license types: Company, Branch and Individual. Each license category depends on the work you wish to perform and is generally subdivided into three different licenses: Mortgage Banker, Mortgage Broker and Loan Officer.
In this guide, we’ll cover the most common license types only. You can review the full list on the NMLS website.
Most Common Company Licenses
- Mortgage Broker License - permits finding, comparing, and negotiating offers for mortgage loans on properties in Arkansas.
- Mortgage Banker License - allows you to make, issue, and service mortgage loans in the state of Arkansas.
- Mortgage Servicer License - permits you to receive payment, taxes, or insurance for mortgage loans on behalf of a consumer (borrower).
- Combination of Mortgage Broker, Mortgage Banker and/or Mortgage Servicer Licenses - allows you to apply for two or more of the above-mentioned licenses. All requirements for any of the licenses chosen must be met.
Arkansas State Requirements
The licensing application process is handled by NMLS. Please note that a requirement for all Mortgage Brokers and Mortgage Bankers in Arkansas is to have at least one licensed Loan Officer at each licensed location (branch). Mortgage Servicers are also required to have licensed Loan Officers at each licensed location if they are conducting loan modifications.
For questions regarding the NMLS system, please contact the NMLS call center at 1-855-665-
7123. For questions related to the Arkansas Loan Officer License education requirements, you can use the contact form provided on the website.
Education and Exams for Licensure
Passing an exam may be obligatory for some, but not all AR license types. You don’t need to complete a pre-license course or pass a test for any of the license types in this guide (i.e. Mortgage Broker License, Mortgage Banker License, Mortgage Servicer License, Combination License).
AR Mortgage Broker Bonds
Bonds for Company Licenses
All company license applicants are required to furnish a surety bond. The amount of the bond varies between $100,000 - $200,000 and depends on the applicant’s mortgage loan activity in the year prior to applying. More information can be found on the surety bond form.
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Fees for Company Licenses
The company license fee is non-refundable and must be submitted through NMLS.
- All company licenses
- $850 licensing fee (including the NMLS processing fee)