Surety1 was Founded in 2003. Low-Cost Bond Provider. Over 150,000 Happy Customers and Counting!
Apply For Your Bond >
Arizona Mortgage Banker Surety Bond
Bond Requirements and Online Application
The Arizona Mortgage Banker Bond is required by the Arizona Department of Financial Institutions.
According to Arizona Revised Statute Title 6, Chapter 9, Article 2, a mortgage banker is 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”. In order to become a licensed mortgage banker in the State of Arizona, all applicants must file a surety bond with the Superintendent of the Department of Financial Institutions. The bond ensures that the principal will faithfully comply with the provisions of Arizona Revised Statute Title 6, Chapter 9, Article 2. Any person injured by wrongdoing of the Principal has a right to compensation from the bond.
The required bond amount is $25,000 for licensees with solely Institutional Investors.
According to the Nationwide Mortgage Licensing System, and “institutional investor” includes a(n):
State or national bank
State or federal savings and loan association
State or federal savings bank
State or federal credit union
Federal government agency or instrumentality
Quasi-federal government agency
Licensed real estate broker or salesman
Profit sharing or pension trust
The required bond amount for licensees with Non-Institutional Investors depends on a base consisting of the total assets of the licensee plus the unpaid balance of loans contracted to service for others as of the end of the licensee’s fiscal year:
A base of less than $1,000,000 requires a $25,000 bond for the first $500,000 of the base, plus $5,000 for each $100,000 or fraction thereof over $500,000.
A base of $1,000,001 – $10,000,000 requires a $50,000 bond plus $5,000 for each $1,800,000 or fraction thereof over $1,000,000.
A base of $10,000,001 – $100,000,000 requires a $75,000 bond plus $5,000 for each $18,000,000 or fraction thereof over $10,000,000.
A base of $100,000,001 and over requires a $100,000 bond.
The Arizona Mortgage Banker Bond is continuous in nature; therefore, it remains in full force and effect until the bond is cancelled. The bond may be cancelled by the Surety at any time with 30 days written notice to the Superintendent of Financial Institutions of the State of Arizona.
Licensing Fees and Requirements
Verification of Experience
FBI Criminal Background Check (MU2)
Certificate of Authority/Good Standing Certificate
How to Get Your Arizona Mortgage Banker Surety Bond
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Arizona Mortgage Banker Surety Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days