Arizona Mortgage Broker Bond

    Arizona has regulated mortgage brokers since August 13th, 1971. Mortgage brokers are regulated under Chapter 9 of Title 6 of the Arizona State Revised Statutes with Arizona┬┤s Department of Financial Institutions serving as the regulatory arm.
    Though Arizona is fairly strict in the competency requirements, the statute is less restrictive then several other states. Arizona requires Course study, an examination, three years of experience, a physical location in state, and a surety bond of $10,000 or $15,000.
How to get bonded
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Arizona Mortgage Bond Markets

Bad Credit Mortgage Broker Bonds

Applicants with a low credit score, or public records (Bankruptcy, Liens, Collection, or Civil Judgments) will find a difficult time getting bonded. Bryant Surety Bonds, Inc. offers a Bad Credit Surety Bond Program that is specially tailored to your needs and can get you approved. This program is available for high risk mortgage brokers.

Arizona Licensure Requirements*

Applicant Requirements:

  • Age: No Requirement
  • State Residency: No Requirement
  • Experience: The applicant of ONE officer, director, member, partner, or employee must be designated in the license as the individual responsible. This individual must have three years experience during the five year period prior to application.
  • Education: The person designated in the license must satisfactorily complete a course of study approved by the superintendent prior to application.
  • Continuing Education: No Requirement
  • Examination: The person designated on the license must pass an examination
  • Fitness For Licensure: Applicant must demonstrate: Experience, background, honesty, truthfulness, integrity, and competency.
  • Net Worth: No Requirement
  • Surety Bond: $10,000 for a license whose investors are limited to institutional investors; $15,000 for a license whose investors include non-institutional investors
  • Background Check: A Criminal background, and credit history check may be performed.
  • Managing Principal: If the Applicant is a sole proprietor and not a resident of Arizona then an employee of the applicant must be designated in the license as the individual responsible for the applicant. If the Applicant is not a sole proprietor then one officer, director, member, partner, employee, or trustee must be designated as the individual responsible for the applicant. The responsible individual cannot be an independent contractor. The responsible individual must be a resident of Arizona, must be in active management of the activities of the license, and must meet all qualifications of the license.

State Licensing Fees:

  • Initial Application: $800 Licensing Fee
  • Branch Application: $250 Licensing Fee
  • Renewal Application: $250 or $500 Licensing Fee (depending on aggregate number of loans the previous calendar year. Greater then 50 loans results in the $500 fee), $200 Branch Renewal Fee

Employee Requirements:

  • Age: No Requirement
  • State Residency: No Requirement
  • Experience: No Requirement
  • Education: No Requirement
  • Continuing Education: No Requirement
  • Examination: No Requirement
  • Fitness For Licensure: No Requirement
  • Net Worth: No Requirement
  • Surety Bond: No Requirement
  • Background Check: A reasonable investigation by employer to verify truthfulness, honesty, integrity, and competency of employee before hiring.
  • Managing Principal: No Requirement
  • Exemptions: No Requirement
  • Licensing Fee: No Requirement
  • Renewal Fee: No Requirement

Branch Offices:

  • In State Requirements: A License is required for in-state offices.
  • Licensure Requirements: A license is required for each branch office.
  • Branch Manager: A person to oversee the operations of the branch office must be knowledgeable about the branch activities of the licensee, must supervise compliance of the branch to applicable laws and regulations, and have sufficient authority to do so. One person may oversee more then one branch.

Exemptions:

  • Entities: Regulated financials institutions, insurance companies, lawyers, and consumer loan companies.
  • Safe Harbor: Limited. An individual may make up to 5 mortgage loans in a calendar year if he or she makes the mortgage loans with their own monies, for their own investment, without the intent to resell them.

*Information for state licensing is provided as a guide, always verify with the state that the information is correct.

How to apply:

1.) Visit the commercial application page.
2.) Complete our online application.