Arizona Mortgage Licensing is one of the most corrupt type of mortgage licensing schemes in the United States. To obtain a license as a mortgage broker or mortgage banker, Arizona requires a Responsible Individual that must be a resident of Arizona to act as your responsible individual. In the past there have not been many people that have this type of license, so it use to cost about $1,000 to $1,500 per month to hire someone to be your Responsible Individual. Recently more new people have become Responsible Individuals so I now have contacts to obtain an Arizona RI for as little as $500 to $800 per month. If you have the money to spend, this is a good state to originate in.


 

Mortgage Banker Licensing

Mortgage Banker License

Physical In-State Office Required: Yes
Qualifying Individual: Yes
Minimum Net Worth: $100,000 Audited
Surety Bond: $25,000 to $100,000
Comments: Personal Financial Statement per Owner/Officer, Lease must be in name of company and signed by officer.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$175 – Foreign Entity App
$125 – Registered Agent Fee
$1,600 – Company Application Fee
$250 – AZ $25k Surety Bond
$500 to $800 per month – Arizona Resident to act as Responsible Individual
$250 – Branch Application Fee for Responsible Individual’s AZ Branch Location Prorated Company and Branch License Fee due once approved.


 

Mortgage Broker Licensing

Mortgage Broker License

Physical In-State Office Required: Yes
Qualifying Individual: Yes
Minimum Net Worth: Positive
Surety Bond: $10,000 to $15,000
Comments: Personal Financial Statement per Owner/Officer, Lease must be in name of company and signed by officer.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$175 – Foreign Entity App
$125 – Registered Agent Fee
$900 – Company Application Fee
$100 – AZ $10k Surety Bond
$500 to 800 per month – Arizona Resident to act as Responsible Individual
$250 – Branch Application Fee for Responsible Individual’s AZ Branch Location Prorated Company and Branch License Fee due once approved.


 

Regulated by:

Department of Financial Institutions
2910 N. 44th Street, Suite 310
Phoenix, AZ 85018
Telephone: 602-255-4421
Fax: 602-381-1225
LaTasha Ontiveros | 602-771-2802 | LOntiveros@azdfi.gov
Richard Fergus | 602-771-2800 | rfergus@azdfi.gov
Chris Dunshee | 602-771-2803 | cdunshee@azdfi.gov | LO Apps
Susan Zimmerman | susan.zimmerman@azdfi.gov
http://www.azdfi.gov/