Broker Requirements:
(1) Physical offices in Arizona
(2) Person responsible for the office must be a Qualified Arizona Resident (state makes NO exceptions on this law!)
(3) Before applying for a Mortgage Broker license, the applicant must attend a required Mortgage Broker School and pass the state examination (there is a fee of $50)
(4) Arizona Mortgage Brokers MUST be Arizona residents, both when applying AND during the full term of their license
(5) $800 non-refundable application fee
(6) $29 fingerprinting fee(fingerprints are submitted to the FBI for background processing)
(7) $10,000 Surety Bond if investors are solely institutional investors and $15,000 if there are any non-institutional investors.
(8) Experience in the mortgage lending business for at least 3 of the last 5 years
(9) Personal history statement including financial statements
(10) Copies of any Mortgage Broker licenses with other states (if you have more than 5, you only need to include copies of five).
(11) An additional license fee is prorated by Arizona state after the license is approved.
Loan Officer Requirements:
18 Years of Age
High School Diploma or GED Certificate
Passing Grade on a Test licensed by the Arizona Department of Financial Institutions
Criminal Background History Check
FBI Fingerprint Test
Credit Report
Pre-Licensing Education and Testing
Disclosure Questions
Contact Information:
Arizona Department of Financial Institutions
2910 N. 44th Street, Suite 310
Phoenix, Arizona 85018
Phone: 602.255.4421
TollFree: 800.544.0708
Fax: 602.381.1225
Map of Arizona Department of Financial Institutions:
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