AR Arkansas
Arkansas requires an Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) Policy with the most recent Independent Review for all license types. Arkansas also requires a named QI or “Managing principal” that has at minimum three (3) years of experience in mortgage lending or competency acceptable to the commissioner.
Each branch wishing to conduct business with AR consumers will need an AR branch license applicable to company licensure.
| State | License Name | State Fee | Bond Prem. | RA Fee | SoS Fee | MLG Processing Fee | Total |
|---|---|---|---|---|---|---|---|
| Arkansas | Mortgage Broker License | $870 | $750 | — | $420 | Call for More Information | $2,040 |
| Arkansas | Mortgage Banker License | $870 | $750 | — | $420 | Call for More Information | $2,040 |
| Arkansas | Mortgage Servicer | $870 | $750 | — | $420 | Call for More Information | $2,040 |
| Arkansas | Combo Mortgage Banker/ Broker/ Servicer License | $870 | $750 | — | $420 | Call for More Information | $2,040 |
License: Mortgage Broker License
- Operating Status: Broker
- Bond Amount: $100,000
- Net Worth: $0
- Brick & Mortar: No
- Financial Type: Unaudited
AR state application fee is relatively inexpensive and simple. AR QI must meet the following qualifications: have three (3) years of experience in mortgage lending or competency acceptable to the commissioner. AR also requires a high bond amount in $100,000.
License: Mortgage Banker License
- Operating Status: Lender
- Bond Amount: $100,000
- Net Worth: $25,000
- Brick & Mortar: No
- Financial Type: Audited
AR state application fee is relatively inexpensive and simple. AR QI must meet the following qualifications: have three (3) years of experience in mortgage lending or competency acceptable to the commissioner. AR requires a high bond amount in $100,000. Audited financials must show a net worth of at least $25,000.
License: Mortgage Servicer
- Operating Status: Servicer
- Bond Amount: $100,000
- Net Worth: $25,000
- Brick & Mortar: No
- Financial Type: Audited
License: Combo Mortgage Banker/ Broker/ Servicer License
- Operating Status: Broker/Lender/Servicer
- Bond Amount: $100,000
- Net Worth: $25,000
- Brick & Mortar: No
- Financial Type: Audited