The Arizona Mortgage Banker Bond is required by the Arizona Department of Financial Institutions. It is a type of surety bond and is required to obtain a license as a mortgage banker in the state. The license is administered by the Nationwide Mortgage Licensing System (NMLS) and the surety bond will be filed electronically by Surety1.com to the NMLS. In Arizona, a Mortgage Banker is defined as:
A.R.S. Section 6-941 – A “person” who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage banking loan or a mortgage loan. A.A.C. R20-4-102 – “Person” means a natural person or any legal or commercial entity including a corporation, business trust, estate, trust, partnership, limited partnership, joint venture, association, limited liability company, limited liability partnership, or limited liability limited partnership.
The amount of the surety bond is $25,000 if If your investors are limited solely to Institutional Investors, otherwise, the required Arizona Mortgage Bankers Bond amount is $100,000. The cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get an Arizona Mortgage Banker Bond
At Surety1.com we make it easy to apply for the required surety bond. Our simple 3 step process is:
- Complete our easy to navigate and secure online application. 1
- Review your free, no obligation quote from one of our surety bond professional agents, usually within 1 business day2
- Sign some paperwork and make payment.
Once these steps are completed, the Arizona Mortgage Banker Bond will be filed electronically by Surety1.com with the NMLS.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2 – Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
Mortgage Banker Licensing Fees and Requirements
- Arizona Mortgage Banker Bond
- Resident/Registered Agent
- Qualifying Individual
- Verification of Experience
- FBI Criminal Background Check (MU2)
- Disclosure Questions
- Financial Statements
- Certificate of Authority/Good Standing Certificate
- Formation Document
- Documentation of Citizenship
For more information visit the Nationwide Multistate Licensing System & Registry (NMLS)