Broker Requirements (no Banker affiliation):

If not linked to a Banker, a Mortgage Broker is licensed and supervised by the Arkansas Securities Department.

(1) $750 non-refundable application fee for the main office

(2) $100 fee for each branch office

(3) Annual renewal fee of $350

(4) Required Surety Bond of $50,000

(5) Audited Financials reflecting a net worth of at least $25,000

(6) Exam of prior work experience and credit-worthy type of activities is made for each Broker.

Broker Requirements (Banker affiliation):

If linked to a Banker, a Mortgage Broker will be supervised by either the Arkansas State Bank Department, the Office of the Controller of the Currency, or by the state in which the commercial bank is chartered.

Loan Officer Requirements:

18 Years of Age

High School Diploma or GED (General Education Development) Certificate

After 180 Days of being licensed, a Loan Officer is required to complete 8 hours of Continuing Education (CE), including 1 hours of Ethics from an approved broker. 

Contact Information:

Website: www.arkansas.gov/bank/Mortgage.html

Map for Arkansas State Bank Department, the Office of the Controller of the Currency: