Arkansas Mortgage Broker Bond Requirements
Arkansas requires a surety bond of $50,000 for all mortgage broker companies operating within the state. This bond amount is above the national average for mortgage broker bonds, and because of this the sureties check over the applications a little closer. As a rule of thumb, most companies will only approve applicants with a credit score of 670+, solid business financials (or a resume rich in industry experience), and home ownership. Bryant Surety Bonds can approve applicant´s regardless of credit through our exclusive mortgage broker bond program. Better still, this program gives us unbeatable rates for those who qualify for the standard market.
Arkansas Mortgage Broker Bond Form
As stated earlier, the bond form for Arkansas uses standard language (such as aggregate and cancellation language) that bond companies look for, and are comfortable with. Because of this declination would only occur due to the applicant´s history and no because of the requirement of the bond itself.
Additional State Licensing Requirements
In addition to a surety bond, here are additional information/requirements in order to operate as a mortgage broker in the state if Arkansas:
- The Arkansas Securities Department (ASD) oversees mortgage broker licensing. 1-501-255-4421
- January 1, 2004 Arkansas enacted the Fair Mortgage Lending Act. This act overrides all previous regulations.
- Applicants must provide the state recent audited financial statement showing a minimum net worth of $25,000 as well as a resume of previous experience in the industry.
- Mortgage Broker applicants (not a bank subsidiary) must pay the state a $750 application fee for the main office as well as $100.00 for each branch office. There is also a yearly renewal fee of $350.
- Arkansas State Bank Department regulates mortgage brokers that are subsidiaries of commercial banks.
How to apply:
1.) Visit the commercial application page.
2.) Complete our online application.