Arizona Association of Mortgage Brokers

Become a Mortgage Broker
Obtaining a Mortgage Broker License

As an individual (sole proprietor) you must:
Have 3 years loan origination experience out of the last 5 years.
Successfully complete a course of study at a school that has been approved by Superintendent of Banks (“Superintendent”).
Pass a test that is administered by the Superintendent.
Obtain a Surety Bond of $10,000. or $15,000.
     (depending on whether you will use non-institutional investors);
Be a resident of Arizona.
Have a principal place of business in Arizona for the transaction of business.
Obtain and complete the Application Package.
        (See AZ Department of Financial Institutions)
Pay a non-refundable application fee of $800.
Pay a license fee of $500 or $250 -
     based on the number of loans closed in previous calendar year
     (50 loans or less - $250.00; over 50 loans - $500.00)

As a legal entity (corporation, partnership, limited liability company, etc.):
The legal entity must apply for and obtain the license. It must designate a person to be the Responsible Individual (RI) who must meet the following requirements:
     -3 years loan origination experience out of the last 5 years.
     -Successfully complete a course of study at a school that has been approved by the
                     Superintendent of Banks (“Superintendent”).
     -Pass a test that is administered by the Superintendent.
     -Be a resident of Arizona.
     -Be an officer, director, member, trustee, partner or employee of the legal entity.
The legal entity must obtain and complete the Application Package.
     (See AZ Department of Financial Institutions)
Have a principal place of business in Arizona for the transaction of business.
Pay a non-refundable application fee of $800.
Pay a license fee of $500 or $250 – based on the number of loans closed in the previous
     calendar year by the legal entity.
          (50 loans or less - $250.00; over 50 loans - $500.00.)
Obtain a Surety Bond of $10,000 or $15,000
          (depending on whether you will use non-institutional investors.

THIS IS MEANT AS GENERAL INFORMATION. FOR COMPLETE INFORMATION CONTACT THE AZ Department of Financial Institutions