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Arkansas State Licensing Requirements

Contact


          
Securities Department
Heritage West Building
201 East Markham Suite 300
Little Rock, Arkansas  72201
501-324-9260
 
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Education Requirements

High School Diploma or GED
20 Hours PE 
8 Hours CE

Highlights

Brick and Mortar State: No
Expiration: Dec. 31 annually
License Fee: $50 +$30 NMLS
 

 

Who is required to be licensed

This license is required for any individual who in exchange for compensation as an employee of or who otherwise receives compensation or remuneration from a mortgage broker or mortgage banker and who solicits or offers to solicit an application for mortgage loan; accepts or offers to accept application for a mortgage loan; or negotiates or offers to negotiate the terms or conditions of a mortgage loan; or issues or offers to issue mortgage loan commitments or interest rate guarantee agreements to borrowers.

Pre-requisites for license applications

  • Complete 20 Hours of NMLS Approved Pre-licensing Education
  • 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.
Any individual acting as a loan officer must be separately licensed, which will require a filing of the
form MU4 through NMLS.  After the form MU4 is submitted, the mortgage loan officer’s company
must create a relationship and sponsorship request to the regulator before the individual license will
be approved.  A quick guide entitled “Create a Company Relationship and Sponsorship” at the
following link will help walk your company through this process: NMLS Quick Guides

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).

Arkansas NMLS Approved Pre-licensing Education Courses

Arkansas 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 )
 
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