Arizona Mortgage Banker Bond | AmeriPro Surety Bonds | 844-589-9732
Arizona Mortgage Bankers
The Arizona state legislature defines a mortgage banker as one who, for compensation, makes or participates in making a mortgage loan or a banking loan.
Persons who are exempt from this licensing requirement are defined here.
Arizona mortgage bankers are regulated by the Arizona Department of Financial Institutions. This agency’s address is:
Arizona Department of Financial Institutions
2910 N. 44th Street, #310
Phoenix, AZ 85018
Obtaining an Arizona Mortgage Banker License
Applicants for a mortgage banker license who are not exempt from the above requirements will need to do the following (our list is not necessarily all-encompassing):
- A qualifying exam;
- Complete an application for licensing, along with a $1,500 non-refundable application fee; a $100 fee payable to NMLS, also non-refundable; and a $36.25 fingerprint processing fee – per person;
- Listing of a “qualified individual”, who must be a resident of Arizona and have at least 3 years of mortgage banker experience;
- The disclosure of any relevant convictions, felony or misdemeanor, must be disclosed, including an explanation of the same;
- An applicant’s financial statement OR the financial statement of the mortgage banker company, which has been audited by the Certified Public Accountant;
- Submission of a Articles of Incorporation (if applicable), a partnership, or a limited liability company;
And, obtaining of a surety bond (once purchased through AmeriPro Surety Bonds, we will electronically file the bond for you on your behalf!)
Arizona Mortgage Banker Surety Bond
Arizona mortgage bankers will need to file a surety bond in one of two amounts:
$25,000 or $100,000.
Of note, there only needs to be one surety bond for a single Arizona mortgage banker company—the individual mortgage bankers are not required to purchase their own surety bond.
Arizona Mortgage Banker $25,000 Surety Bond
If the Arizona mortgage banker is comprised of entirely institutional investors, defined as, “…a person who in the regular course of business makes commercial mortgage loans of more than two hundred fifty thousand dollars that are funded exclusively from the institutional investor’s own resources[,]” then the bond amount required is $25,000.
Arizona Mortgage Banker $100,000 Surety Bond
If the bond does not meet the definition of an “institutional investor” defined above, the amount required is $100,000.
Cost (or Premium) of the Mortgage Banker Surety Bond
Although the bond amounts for a mortgage banker surety bond are $25,000 or $100,000, an applicant for the bond will only pay a small percentage of that amount.
The premium for this surety bond will be determined, almost entirely, by the two following criteria.
The first is the amount of the surety bond required —in this case, a $25,000 or a $100,000 surety bond.
The second is the applicant’s credit score, which is determined by a “soft pull” —(an inquiry which has no affect on the credit score) by AmeriPro Surety Bonds.
Who the Surety Bond Protects
We like our potential customers to be fully informed: A surety bond, including the mortgage banker bond, is not the same as an insurance policy.
Besides being required in order to grant a license, this bond, purchased by a principal, is a guarantee to the state of Arizona and any consumers that the mortgage banker will comply with all laws in their business conduct.
Were a claim ever to be successfully made against the bond, it would be the full responsibility of the mortgage banker (the principal) to reimburse the surety (AmeriPro Surety Bonds is agent for the surety) for all costs involved, including attorney fees, interests, and the like.
Once the surety bond has been obtained, again, AmeriPro Surety Bonds will have the bond filed electronically with the NMLS on your behalf. You need do nothing more.
About AmeriPro Surety Bonds
We work for you to get you the best pricing available.
Contact AmeriPro Surety Bonds today for your mortgage banker bond at: