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How to Get an NMLS Mortgage License in Arizona
If you’ve looked into a career as a mortgage loan officer, the first question you might ask is “how do I get a mortgage license in Arizona?” This guide will tell you exactly how to do it. If you are wondering how to become a mortgage loan originator and get an NMLS license Arizona is a great state to start. A mortgage loan originator, or mortgage loan officer, helps prospective homebuyers obtain a residential mortgage loan. The mortgage business is a fast-paced industry with plenty of opportunities for an up-and-coming mortgage loan originator.
In order to become a licensed mortgage loan originator in Arizona, you will have to complete the steps which are outlined below. Additionally, you should consider the costs, education requirements, and other factors discussed in this guide that go into becoming a loan officer in the state of Arizona.
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Step 1 |
Step 2 |
Step 3 |
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Apply For Your NMLS Account and ID Number |
Complete Your NMLS Pre-License Education |
Need to Pass the SAFE MLO National Test |
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The first step to obtaining your Arizona mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website. |
Once you’ve created NMLS account, it’s time to complete your pre-license education. Arizona requires 20 hours (16 hours & 4 hours elective) SAFE pre-licensure education. |
With your education complete, you need to schedule an appointment for the National Test Component exam. Find out more on how to take your NMLS test here. Also check out the NMLS MLO testing handbook. |
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Step 4 |
Step 5 |
Step 6 |
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Complete Background Checks and Pay All Fees |
Apply for Your Arizona Mortgage License |
Associate Your NMLS Account with Your Employer |
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To finalize your application and receive your license, you will need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check here. |
After receiving a passing score on your NMLS mortgage exam, you need to apply for your Arizona mortgage loan originator license. You can find more information on this step here. |
Your license will still be pending in Arizona until you have an employer sponsorship, which lets the government know that an employer is supervising your individual license. Learn how to associate your NMLS account with your employer here. |
Arizona Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain a mortgage loan officer license and then work hard to match people with loan products.
The Arizona Department of Financial Institutions requires that four elective hours must cover Arizona-specific regulations and laws. Mortgage Educators includes all of this bundled together, making it easy to keep track of your educational progress. Every state has a unique set of Nationwide Multistate Licensing System (also known as the Nationwide Mortgage Licensing System or NMLS) requirements concerning mortgage education to obtain a mortgage loan originator license. New mortgage loan originators are required to complete a 20-hour NMLS course, which is standard across the country. Obtaining an Arizona mortgage loan originator license requires 20 total hours of pre-license education. The Arizona Department of Financial Institutions does not require any additional pre-license education. After completing your mortgage education courses, you are required to take and pass an NMLS mortgage licensing exam. This ensures that you understand the laws and regulations that a mortgage company and mortgage loan officer are held to. In addition to mortgage license education, Mortgage Educators also offers exam prep to help you prepare for the exam.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 8 Hours |
| Arizona Specific Law | 4 Hours |
| Total 20 Hours | |
If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Arizona should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Arizona:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Arizona Application Fee | $350 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $431.25 |
You should also expect to pay a registration fee to obtain your mortgage license in Arizona. This fee depends on the month your license will be issued and are as follows.
| Registration Fees by Month | |
|---|---|
| January, February, March | $150 |
| April, May, June | $112.50 |
| July, August, September | $75 |
| October, November, December | $37.50 |
On an annual basis, Arizona MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Arizona Specific Education | 1 Hour |
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Arizona mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at [email protected].
