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Arizona State Licensing Requirements

Education Requirements

High School Diploma or GED
20 Hours PE (4 Hrs AZ Law)
8 Hours CE

Highlights

Brick and Mortar State: Yes
Expiration: Dec. 31 annually
Applicaiton Fee: $350
License Fee: $150 +$30 NMLS
Surety Fund Payment: $100

 

Who is required to be licensed

A natural person who for compensation or gain or in the expectation of compensation or gain does any of the following:

  • Takes a residential mortgage application.
  • Offers or negotiates terms of a residential mortgage loan.
  • On behalf of a borrower, negotiates with a lender or note holder to obtain a temporary or
    permanent modification in an existing residential mortgage loan agreement.

 

Pre-requisites for license applications

  • Complete 20 Hours of NMLS Approved Pre-licensing Education
  • Pre-licensing must include 4 Hours of Arizona mortgage related law
  • Pass NMLS National Component Test with a minimum passing score of 75%
  • Pass Arizona State Component Test with a minimum passing score of 75%
  • Applicant may not have been convicted of, been found guilty of, pled guilty or nolo contendere to any felony involving fraud, dishonesty, breach of trust or money laundering at any time.
  • Applicant may not have been convicted of, been found guilty of, pled guilty or nolo contendere to any felony within seven (7) years preceding the date of application.
  • Applicant may not have had a mortgage loan originator license, or other mortgage related license, revoked in any governmental jurisdiction. 

Surety Bond/Recovery Fund

Every mortgage loan originator must be covered under a surety bond or recovery fund.  Satisfaction of this requirement can be met by one of the following:
  • Mortgage loan originator to pay $100.00 into the recovery fund at time of application.
  • Employer may provide evidence of a surety bond that meets Arizona requirements in amount of not less than $200,000.00.  This is in addition to the bond that the employer is required to have for its mortgage broker or mortgage banker license.

Issuance and Location of License

AzDFI will forward the mortgage loan originator’s license to the employing mortgage broker, mortgage banker or consumer lender once the following has occurred:
  • AzDFI has determined that the applicant is qualified and paid the required fees.
  • AzDFI has received a Sponsorship request through NMLS if the mortgage loan originator is
    employed by a mortgage broker or mortgage banker.
  • AzDFI has received a written notice that the employer has hired the mortgage loan originator if the mortgage loan originator is employed by a licensed consumer lender.  The notice shall
    contain a request for the mortgage loan originator’s license and shall be dated, signed by an
    officer or other person authorized by the employer, and notarized.
The employing mortgage banker, mortgage broker or consumer lender shall keep and maintain the
originator’s license at the principal place of business in Arizona.
 
Within five business days after any licensee’s employment termination, the employing mortgage broker, mortgage banker or consumer lender shall do the following:
  • File a Sponsorship removal through NMLS if a mortgage banker or mortgage broker.
  • Provide a written notice of the termination of employment if a consumer lender.

Need to purchase Pre-licensing or Continuing Education Courses?

Use the links below for course schedules and information about NMLS Approved Pre-licensing Education (PE) or Continuing Education (CE).

Arizona NMLS Approved Pre-licensing Education Courses

Arizona NMLS Approved Continuing Education Courses

NMLS Requirements and Fees


Processing Fees for State Licensure

Entity Initial Fee Annual Fee
Company $100 $100
Branch $20 $20
Individual $30 $30

Processing Fees for Federal Registration

Entity Initial Fee Annual Fee
Company $100 $100
Branch $60 $0
Individual $30 Jan-June
$60 July-Dec
$30 ($0 if initial registration July-Dec of same year)

Professional Standards Fees

Item Fee
Criminal Background Check Livescan $39
or
Print Card Capture $39, plus $10 Card Packet Fee

This fee is charged at each new application for licensing, or new registration request. Single charge regardless of how many licenses are applied for in a single filing.

Click here for more information about the Criminal Background Check process.
Testing $92 National Component
$69 State Component (per state)

Beginning April 1, 2013 the Uniform State Test will be included in the National Component which replaces several individual state components.

Click here for more information about the NMLS Testing process
Credit Report $15

This fee will be charged at each new application for licensing if it does not contain a credit report that is less than 30 days old. Single charge regardless of how many licenses are applied for in a single filing.

Click here for more information about the NMLS Credit Check process

Notice: The information provided on this page is not legal advice and is shared for educational purposes only. The information provided is not a complete statement of all licensing requirements, additional licensing requirements may be required by state and/or other agencies.

Other's who searched for this page also found these pages useful:

My Mortgage Trainer Home Page
My Mortgage Trainer Course Catalog
SAFE 20 Hour Pre-licensing Courses and Study Material
SAFE 7 & 8 Hour Continuing Education Courses
My Mortgage Trainer Current Webinar Schedule

My Mortgage Trainer is approved by the NMLS to deliver National Pre-licensing and Continuing Education in all 50 states. NMLS Approved Course Provider #1400080.

 

Last Updated ( Monday, 24 February 2014 )
 
©2019 My Mortgage Trainer, Inc . 8420 Masters Rd., Indianapolis, IN 46250 . phone 317-566-0425 . fax 866-399-4029. NMLS Approved Course Provider #1400080