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Arizona Mortgage Broker or Banker Bond

What is an Arizona Mortgage Broker or Banker Bond?

Mortgage brokers and mortgage bankers in Arizona must post surety bonds as part of the licensing process. The bonds guarantee that the bonded entity or individual will comply with the rules, regulations and guidelines established by the state of Arizona. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.

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Why is an Arizona Mortgage Broker or Banker Bond Required?

The bond protects any person who is harmed financially by the default, wrongful act, or misrepresentation by the licensee and/or its employees relating to any transaction governed by the provisions of applicable sections of the Article of the Arizona Revised Statutes. The aggregate liability to the surety company extends to the maximum amount of the bond penalty.

Mortgage Broker or Banker Bonds And Getting Your Arizona Business License/Registration

As defined by A.R.S. Section 6-901, a mortgage broker is a “person” who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage banking loan or a mortgage loan.

As defined in A.A.C. R20-4-102, a “Person” means a natural person or any legal or commercial entity including a corporation, business trust, estate, trust, partnership, limited partnership, joint venture, association, limited liability company, limited liability partnership, or limited liability limited partnership.

For information on who does not need this license, please refer to the list of Mortgage Broker license exemptions in A.R.S. Title 6, Chapter 9, Article 1.

The following is a list of general licensing requirements for Arizona Mortgage Brokers;

  1. Must be an Arizona resident with a planned place of business in Arizona
  2. Have mortgage lending experience or similar experience for at least three of the last five years
  3. Complete the 24 hours Pre-licensing Education
  4. Pass state & school examinations
  5. Furnish a Mortgage Broker Surety Bond as described above
  6. Register with the Arizona Secretary of State
  7. Furnish a Certificate of Good Standing from the Arizona Corporation Commission.
  8. Submit the biographical statement and required consent form.
  9. Provide a Corporate Financial Statement.
  10. Submit a Statement of Citizenship/Alien Status if required
  11. Provide a copy of the Lease Agreement
  12. Submit fingerprint cards for each control person
  13. Sign an affidavit (officer on file).
  14. Complete application via Nationwide Mortgage Licensing System (NMLS) as required by the Arizona Department of Financial Institutions (AzDFI)
  15. Pay NMLS processing fee and application fee

Additional Arizona Mortgage Broker or Banker Bond Resources & Links

Arizona Department of Financial Institutions Mortgage Applications, Forms and Fees