Ready to take the next step and become a Mortgage Broker? Thanks to our sister school, Arizona School of Real Estate and Business (ASREB), we’re pleased to provide you with additional course offerings to help you fulfill your career education goals.
What’s the difference between a Mortgage Loan Officer (MLO) and Mortgage Broker?
MLO’s typically work directly for a lender and their job is to help clients and potential borrowers choose the right loan options for them with that specific lender. A Mortgage Broker doesn’t lend money, but rather works on behalf of clients to find the best loan program for them at any institution. The broker’s goal is to find their clientsthe best terms, rate, and lowest closing costs to suit their needs.
Visit ASREB.com to take the next step toward becoming a Mortgage Broker today!
For access to the DIFI information packet click here
Arizona Mortgage Broker Licensing Requirements
- Successfully complete a 24-hour Mortgage Lending course, which includes passing the school final, during the three (3) years immediately preceding the time of application.
- Be an Arizona resident domiciled in Arizona on the date the application is filed for licensing and must remain an Arizona resident during the term of the license or during the term as responsible individual.
- Have no less than three (3) years experience as a mortgage broker or equivalent experience in a related business during the five (5) years immediately proceeding the time of application.
- Have passed the Arizona state mortgage broker’s test, not more than one year before the granting of the license.
- To receive the Arizona Department of Insurance & Financial Institutions Information Packet click here.
Steps to Obtain a License
- Be a resident of Arizona before obtaining your license
- You may take the school exam and state exam without being a resident.
- Have at least three of the last five years of lending experience or its equivalent. You will need at least some experience in the lending field. Acceptable experience is outlined in A.A.C R20-4-906, and substitute experience is addressed in the same regulation.
- Complete 24 hours of approved schooling and pass a school examination.
- Register for, take and pass the State Exam.
- You must obtain your mortgage broker’s license within three years of completing the course of study.
- Have your place of business in the State of Arizona.
- Identify a responsible individual.
- Obtain a bond. Provide information from the Secretary of State’s office.
- Such as a trade name certificate, Corporate Charter or Articles of Incorporation (if a corporation), Articles of Organization and Operating Agreement (if a limited liability company) or Partnership Agreement (if a partnership)
- Provide a Certificate of Good Standing from the Arizona Corporation Commission.
- Additional requirements apply if the business was formed outside of Arizona.
- Provide a biographical statement and consent form.
- Provide a Corporate Financial Statement.
- Provide Statement of Citizenship/Alien Status (sole proprietors).
- Provide a copy of the Lease Agreement for leased premises.
- Provide two fingerprint cards for each control person, and separate fingerprint processing fees.
- Make required disclosures.
- Sign an affidavit (officer on file).
- Apply through Arizona Department of Insurance & Financial Institutions (DIFI), which utilizes the Nationwide Mortgage Licensing System (NMLS).
- Mortgage broker applicants can link to the NMLS site through the Arizona Department of Insurance & Financial Institutions site at https://difi.az.gov/.
- Pay an DIFI application fee plus the NMLS processing fee (total of $900).
Register for, take and pass the State Exam.
- To register you will need a copy of the school “Certificate of Completion”
- A letter of intent for bond from a surety company or a copy of the actual bond. (Refer to the text of A.R.S. 6-903 (H) and (I) at the end of this section for more information.)
- The exam fee is $50, payable only by check.
- Your calculator may not store any alpha characters.
- Bring at least two to three #2 sharpened pencils with erasers to the state testing center.
- A filled out test registration form click here
- The exam consists of 125 questions.
- Must score a 70% or higher.
- A Pass/Fail statement will be mailed within thirty days (Please do not contact AZDFI for test results during this thirty-day period. Licensing personnel will not give test results over the phone.)
- Test results are good for one year.
Time and Location of State Exam
- Tests are held at 100 N 15th Ave Suite 261 Phoenix, AZ 85007 in DIFI’s training room on the third floor.
- The training room opens at 8:00 a.m.
- Should the number of test takers require DIFI to provide an afternoon test, then the training room will open at 1:00 p.m. for the afternoon test.
- Unless notified differently at the time you register, you will be expected to arrive in time for the morning test.
- No one will be admitted to the test site after 8:15 a.m. & 1:15 p.m. respectively.
Day of Test
- Candidates must bring two forms of identification (one must be a picture ID) and your receipt showing you paid your test registration.
- Receipt showing payment of exam fee.
- If you mailed your registration in by the deadline your receipt will be at the instructors’ desk where you will be required to sign in before taking the test.