Arizona Mortgage Licensing is one of the more expensive types of mortgage licensing schemes in the United States. To obtain a license as a mortgage broker or mortgage banker, Arizona requires a Responsible Individual that must be a resident of Arizona to act as your responsible individual. In the past there have not been many people that have this type of license, so it previously cost about $1,000 to $1,500 per month to hire someone to be your Responsible Individual. Recently more new people have become Responsible Individuals so we now have contacts to obtain an Arizona RI for as little as $700 to $800 per month. If you have the money to spend, this is a good state to originate in.
Mortgage Banker Licensing
Mortgage Banker License
Physical In-State Office Required: Yes
Qualifying Individual: Yes, must be located in AZ and have 3 years mortgage experience.
Minimum Net Worth: $100,000 Audited
Surety Bond: $25,000 to $100,000
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$175 – Foreign Entity App
$125 – Registered Agent Fee
$1,600 – Company Application Fee
$250 – AZ $25k Surety Bond
$500 to $800 per month – Arizona Resident to act as Responsible Individual
$250 – Branch Application Fee for Responsible Individual’s AZ Branch Location
Prorated Company and Branch License Fee due once approved.
Mortgage Broker Licensing
Mortgage Broker License
Physical In-State Office Required: Yes
Qualifying Individual: Yes, must be located in AZ, have 3 years mortgage experience, and have completed the AZ Broker 24 hour Education and passed the AZ Broker Test.
Minimum Net Worth: Positive
Surety Bond: $10,000 to $15,000
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$175 – Foreign Entity App
$125 – Registered Agent Fee
$900 – Company Application Fee
$100 – AZ $10k Surety Bond
$500 to 800 per month – Arizona Resident to act as Responsible Individual
$250 – Branch Application Fee for Responsible Individual’s AZ Branch Location
Prorated Company and Branch License Fee due once approved.
Regulated by:
Department of Financial Institutions
2910 N. 44th Street, Suite 310
Phoenix, AZ 85018
Telephone: 602-255-4421
Fax: 602-381-1225
LaTasha Ontiveros | 602-771-2802 | LOntiveros@azdfi.gov
Chris Dunshee | 602-771-2803 | cdunshee@azdfi.gov | LO Apps
Susan Zimmerman | susan.zimmerman@azdfi.gov
http://www.azdfi.gov/