AZ RI Program Blog December

Driving into an Arizona Mortgage License

ByNick Graham

Arizona RI ProgramThe Copper State

Arizona is a hot place; an Arizona mortgage license is an even hotter license. With the property values rising throughout the nation, especially those in California, many of the sun-born and beach-raised are moving into the state with copper sunsets, and snow sprinkled Saguaro cacti.  To keep your business out of the big ditch and away from the softening mortgage dust storm, fill the Grand Canyon with the loan monsoons from your mortgage company. Get licensed in The Copper State – Arizona!

Arizona Mortgage Licenses

There are four Arizona mortgage licenses most companies will need to obtain:

depending on the business activities conducted.  The commercial mortgage banker and broker licenses are for companies conducting loan activities involving commercial properties in Arizona.  The two mortgage licenses are required for loan activity involving Arizona residential properties.  The processing and servicing of loans in Arizona, is definitely a factor to consider since you may be required to hold a banker or broker license.

Business Activities in Arizona

If you’re not sure which license you’ll need, perhaps a little clarification on the description of activities can help you with your license knowledge.  There are four defining attributes to consider while determining which license you’ll need when deciding on a license:

  • Person: Natural person/legal or commercial entity including: corporation/business trust/ estate/ trust/ partnership/ limited partnership/ joint venture/association/ limited liability company/ limited liability partnership/limited liability limited partnership
  • Directly or Indirectly: making/ negotiating to make/offering to make/ offering to negotiate commercial mortgage or mortgage loans
  • Originating or Servicing: commercial mortgage or mortgage loans
  • Commercial property or residential property

If you’re still unsure which license you’ll need in order to do business in AZ, call MLG and our consultants will be able to direct your company toward the correct licensing path.

Sizzling Arizona Secrets

Well, not so much of a secret, Arizona has a few spiny state requirements to adhere prior to obtaining licensure.

  • Arizona requires a Responsible Individual (RI). The RI must be a resident of AZ and must be a W2 employee of the company applying for the state license.  Three years of experience is required of the AZ-RI and they must demonstrate stability by providing sufficient evidence through credit reports and employment history.  Active management of activities is also a requirement of the RI.
  • Arizona is a brick and mortar state. Whether using their many adobes or another regency suite, Arizona requires all licensees to have a licensed location in the state of Arizona.
  • Daylight Savings Time does not apply. A pro to having an Arizona mortgage license is the consistency of time.  Don’t worry about springing forward or falling back! Do business at a consistent time all year!

MLG Takes the Heat

Don’t boil over an RI, a license, or the location in the Copper State. The Mortgage Licensing Group offers an array of services to assist you with a mortgage license in every state! With their devoted team of licensing specialists, MLG provides New Licensing Services, designed to follow your license application through to approval. Alongside, MLG’s License Maintenance Support Services, they ensure you’ll never miss a report or deficiency, even after your license is approved.

Another great asset to using services provided by The Mortgage Licensing Group, is the opportunity to save hundreds while signing up for their Arizona Responsible Individual (AZ-RI) Program.

If you’re thinking about getting licensed in Arizona, MLG will include their New Company Licensing Service and Company License Maintenance Support for your company’s Arizona license, while meeting all state requirements implemented by Arizona’s Department of Financial Institutions.

Call MLG today to learn more details about their AZ – RI Program!

About The Mortgage Licensing Group, Inc.

The Mortgage Licensing Group, Inc. is a full-service mortgage licensing firm, headquartered in Southern California.  Established in 2006, MLG assists mortgage, and other financial service related companies, using their reliable licensing services to obtain, maintain, and expand company, branch, and individual licenses nationwide.  Their devoted team of license specialists creates a top rated, fully qualified, licensing company, with their up-to-date knowledge on the ever-evolving complexity of regulatory agency requirements within the mortgage and financial services industry.  The Mortgage Licensing Group is dedicated to their clients and makes your licensing goal their priority.