Arizona can be one of the more difficult states in which to obtain a mortgage license, due in part to the brick and mortar requirement, as well as the necessity for a licensed and experienced Arizona Responsible Individual (RI) from the Arizona RI Program. For mortgage companies looking to expand or start an office in Arizona, it is important to know that the Arizona Department of Financial Institutions (AZDFI) prefers to work with a smaller number of individuals. That means your company can use an RI that is also working with other companies, similar to a BRE broker of record with the CABRE. Our company works with professional RIs, giving you the ability to meet the Arizona requirements without searching for your own RI.
Who Qualifies as an RI?
In order to qualify as an RI in Arizona, you need to be a resident of the state, both before and during the time that you are an RI and be in a position to actively manage the activities of the licensee in the state. What does active management include? The RI must supervise compliance with the laws enforced by the Department of Financial Institutions, other applicable laws and rules, and has the authority to ensure compliance.
They also need to have more than three years of experience as a mortgage broker or equivalent lending experience in a related business during the five years preceding the time that they became a qualified RI.
If you need a top-rated, fully-qualified, and experienced Arizona RI who can fulfill all the requirements to provide compliance for your licensing needs, then please request a quote.
Whether you are in Arizona now or would like to expand into the state, we offer the following services:
- RI representation in the State of Arizona
- An assigned brick and mortar location
- Policy & Procedure Manual for Arizona
- Quarterly state compliance file reviews
- Coordination of your examinations with the DFI
- Examination prep
- AZ Advertising Review
- Annual license renewal
- SOS annual renewal
- No per file fee
If you choose MLG to complete your license as well as to use our RI for your company in Arizona, then we will prepare your Arizona application for free (state and other third-party fees still apply).
Our RI fees are billed at a flat monthly rate, making it a budget-friendly option for your company as you start doing business in Arizona. Our RI will need to be compensated as a W-2 employee, according to the state’s statute, and our fees must be paid directly as a vendor. Additionally, we do not begin billing until after your license has been approved.
The benefits of working with us are that you receive seasoned guidance through the licensing process and we also provide exam assistance, a prep manual, and have a representative meet with the regulators for the exams at their location. In addition, our RI program allows you to remain in compliance, giving you the peace of mind to focus on growing your business in Arizona.
Additionally, as part of the licensing process, you need to keep your RI abreast of critical information regarding your business.
5 Useful Tips To Keep In Mind To Obtain Licensing In Arizona
If you are looking to obtain your mortgage license in Arizona, then locating a company with programs to assist you is crucial, especially if you are not located in the state. To be successful, many companies enlist the services of professional Arizona RI’s. The RI stands for Responsible Individual, which can include a company to walk you through the process of getting your license.
Arizona happens to be one of the toughest states to get a mortgage license in, due to its physical location requirement. This is the reason why our Arizona RI program was created.
Here are five tips to help you succeed in obtaining your Arizona mortgage license.
1. Arizona RI program
In order to become fully licensed in the state of Arizona, you need to find a RI representative. This search can be done in a number of ways and is as easy as doing a Google search for Arizona RI Programs in my area. Ensure that the individual that you pick is qualified and experienced, otherwise, it could be a waste of your time and money.
2. Brick and Mortar Location
In order to obtain your license, you have to comply with the brick and mortar laws. Therefore, you will need to have an address within the state. Ensure that the person in the Arizona RI program that you are working with can help you comply with these strict laws even if you are not geographically located in the state.
3. Brush Up On Policy and Procedure
Do all the necessary research to familiarize yourself with the policy and procedures of Arizona mortgage licensing. The professional, whom you partner with for the Arizona RI program, should be able to supply you policy and procedure information for Arizona mortgage licensing, as this is the basis of the steps they must complete.
4. File Reviews
You will need help after you get established as well to ensure that you are following all procedures. Your trusted Arizona RI program individual should provide periodic compliance file reviews. This process ensures you are following all laws that are set up for Arizona mortgage licensing.
You need to be privy of all expected and required fees, which includes the individual professional in the Arizona RI program whom you are working with, as well as filing fees. This process ensures that there are no surprises during the process.
MLG’s Arizona RI program was designed to help you successfully obtain and keep your mortgage license.
For Arizona RI support call us today! Call (866) 576-7726. We make licensing easy.