Arizona Mortgage Licensing is one of the most corrupt type of mortgage approval systems in the United States. They require a responsible person that a resident of Arizona, which must act as a responsible person. Since there are not many people that have this type of license, it generally costs about $ 1,000 to set $ 1,500 per month to someone about your responsible person. If you have the money available, this is coming a great statesmanin.
Certificate of Authority
You are obliged to register your company as a foreign corporation with the state. This is very boring, because you actually have two different places file. All trade names must also be filed with the Secretary of State.
Guarantee
Both require that brokers and bankers licenses that you get a guarantee. The guarantee is necessary to protect consumers from mortgage banks and third partiesNon-payment. The guarantee is not an insurance policy, it is required to be repaid, if used.
Brick'n'Mortar (Physical Office in the State)
Arizona requires that you use a physical office in the state to obtain a mortgage license, but the person in charge usually has a physical location in Arizona, which can be used as your physical location. This place is the physical location for an unlimited number ofCompanies.
Responsible Individual
The responsible person as mentioned above, is the biggest scam. I am not the fault of the persons responsible for this, but the state. The responsible person will usually be subject to review some of your files in Arizona, just to cover them in case you are audited, but the limited number of responsible persons in the state is to be very expensive to hire someone because they can charge you a lotServices
Licensing Application
The license application is quite extensive and requires personal and business finances. There are numerous sites with information on the owners, managers and directors of the company, which must be completed. Here is a basic outline of the requirements for each type of mortgage license in Arizona:
Mortgage Banker Licensing
Mortgage Banker License
Physical Office Required: Yes
In-StateOfficer / Key Person: Yes
Minimum Net Worth: $ 100,000 and $ 250,000
Guarantee: $ 25,000 and $ 100,000
State Initial Fee: $ 879
Loan Officer License: No
Branch License: Yes
Mortgage Broker Licensing
Mortgage Broker License
Physical Office Required: Yes
In-State Officer / Key Person: Yes
Minimum Net Worth: $ None
Guarantee: $ 10,000 to $ 15,000
State Initial Fee: $ 879
Loan OfficerLicense: None
Branch License: Yes
Regulated by:
Department of Financial Institutions
2910 N. 44th Street, Suite 310
Phoenix, AZ 85018
Phone: (602) 255-4421
Fax: (602) 381-1225
http://www.azbanking.com/
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