How to Obtain a Mortgage Broker's License in Arizona
- 1). Complete all of mortgage-education courses required by the state. Arizona requires brokers to have attended at least 20 hours of pre-license education. This must include three hours of instruction on federal law and regulations; three hours oh ethics; two hours on lending standards for nontraditional mortgage products; and 12 hours of general, undefined instruction on mortgage originating.
- 2). Take and pass the state and federal parts of the SAFE Mortgage Loan Originators Test. Arizona law requires you pass this test, and you may only take it twice in a 12-month period. Failure to pass the test will make you ineligible for a mortgage broker license. Register for your test online through the NMLS website. As of December 2010, the test fee is $92 for the national test and $69 for the state test. The website will also help you find a test center in Arizona.
- 3). Provide fingerprints for a background check. Arizona requires an NMLS-administered background check, and that you include the results in your application. In addition, you must provide a credit report with a written explanation for any derogatory items. As of December 2010, you can either pay $100 into the Arizona state recovery fund or have your employer provide proof of a $200,000 surety bond, which is in addition to any banker- or broker-license surety bond requirements. Provide also a copy of your driver's license (or other state or government photo ID) and proof of citizenship or alien status.
- 4). Submit the above items together with a check for $350 (as of December 2010) made payable to the Arizona Department of Financial Institutions. Arizona regulators must receive this fee before they can begin reviewing the application for approval. If you are lacking anything, you will be offered a 60-day window to provide the missing documents or correct any issues before your application is withdrawn. Make sure you include your unique NMLS identifier on the upper right-hand corner of every hard-copy document you provide.
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