WHY IS A SURETY BOND REQUIRED FOR MORTGAGE BROKERS IN ARIZONA?
The Arizona Department of Financial Institutions requires the posting of a surety bond to become a Mortgage Broker, as defined in Title 6, Chapter 9, Article 2. This bond acts as a guarantee that the broker will comply with all applicable Arizona statues and regulations.
WHAT BOND AMOUNT DO I NEED FOR MY ARIZONA MORTGAGE BROKER LICENSE?
The bond amounts are $10,000 or $15,000, based on investors. If your investors are limited solely to Institutional Investors, the amount is $10,000. Otherwise, the amount is $15,000. Institutional Investors are defined as large organizations, such as a banks, pension funds, labor unions or insurance companies, that make substantial investments on the stock exchange. Broker licenses allow for both residential and commercial loans.
IN ADDITION TO THE ARIZONA MORTGAGE BROKER SURETY BOND, WHAT ELSE IS REQUIRED TO COMPLETE MY LICENSING?
Once you have the original bond, it needs to be signed and uploaded to the Nationwide Multistate Licensing System (NMLS). Below is a list of additional items that NMLS will require in order to complete the licensing:
- Trade Name Certificate
- Resident/Registered Agent
- Qualifying Individual (Responsible individual)
- Verification of Experience
- FBI Criminal Background Check
- Disclosure Questions
- Financials Statements
- Certificate of Authority/Good Standing Certificate
- Formation Document
- Documentation of Citizenship or Alien Status
- Business Plan
- Management Chart
- Organization Chart/Description
- Pay all NMLS Fees
HOW MUCH WILL MY ARIZONA MORTGAGE BROKER SURETY BOND COST?
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Rates start as low as $100 annually for qualifying applicants and options to finance the bond premium. Once our simple application has been completed, we will have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
CAN I GET AN ARIZONA MORTGAGE BROKER SURETY BOND WITH BAD CREDIT?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Arizona Mortgage Broker Surety Bonds. Our strong surety relationships help get your price down as low as possible each year. There is no need to shop your rate – we do that for you! If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
HOW DO I GET AN ARIZONA MORTGAGE BROKER SURETY BOND?
The first step is to complete our quick online application for your free bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
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Mortgage Broker Surety Bonds – Arizona
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