Arkansas Mortgage Loan Officer License Requirements

Arkansas Department of Workforce Services reports that there were roughly 2000 licensed mortgage loan officers in 2012. The licensing agency is the Arkansas Securities Department.

This license type is only for people who are employees of a mortgage bank or mortgage broker, and are basically the ones who directly speak to borrowers and negotiate the loans. Applicants must also be at least 18 years of age and have a high school diploma or GED.

A criminal background check and credit report are also part of the mortgage loan officer license application in Arkansas.

All applicants must complete a 20-hour training course approved by NMLS, which is the Nationwide Mortgage Licensing System.

There are also exam requirements for Arkansas mortgage loan officer licensing. You need to complete one of the following sets of requirements:

1. Pass the National and Arkansas SAFE tests; or

2. Pass the Arkansas SAFE Test and the National Test Component With Uniform State Content.

When you get ready to apply, then you submit an MU4 form to the NMLS system.

The following link explains how to submit an MU4. Ask your employer which to use this, as they may be doing it for you or with you.

http://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/Loan-Officer-MU4-Filing.pdf (Individual MU4)

NMLS has a Master Course Catalog, and this is how you can look up approved mortgage training courses.

http://mortgage.nationwidelicensingsystem.org/profreq/education/mcc/Pages/default.aspx

Sources:

http://www.discoverarkansas.net/admin/uploadedPublications/2289_DLO2013.pdf (scroll to Page 116)

Arizona Mortgage License Requirements: Mortgage Banker, Commercial Mortgage Banker, Mortgage Broker, Commercial Mortgage Broker, Registered Exempt Person, And Mortage Loan Originator

Arizona has 6 different kinds of mortgage licenses, if including registered exempts persons. But there are also filing requirements for branch offices.

The categories are mortgage banker, commercial mortgage banker, mortgage broker, commercial mortgage broker, mortgage loan original, and registered exempt person. A loan originator is a natural person, while the banker and broker categories are usually for companies. The 4 company-type Arizona mortgage licenses also require a license for each branch office.

The best way to determine the various mortgage license requirements in Arizona is to look at the following Nationwide Licensing System page:

http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=AZ

On that page above, click on More Details for each license type. You can then read who needs that license, who does not need that license type, and the requirements if you determine you need it.

After deciding what mortgage license you need to obtain, then click on “New Application” on the page listed above. Then, you can follow the instructions to apply for your mortgage license.

Some of the categories require experience, financial statements, and net worth of at least $100,000. This is typical of the company mortgage licenses, such as bankers and brokers. In some cases, you will need pre-licensing education and a test. For example, mortgage loan originators need to meet both education and exam qualifications.

Alaska License Requirements for Mortgage Broker or Lender, Mortgage Branch, And Mortgage Loan Originator

The Alaska Division of Banking and Securities licenses about 200 mortgage brokers and lenders, 200 mortgage branches, and over 1000 mortgage loan originators. The licenses in all these categories must be renewed every year.

Mortgage brokers and lenders only need to submit a financial statement and business registration documents, including a $75,000 surety bond. The annual license fee is $500. But a mortgage broker or lender control person must submit fingerprints for a background check and authorize a credit report.

A mortgage loan originator must do the same as a control person plus 3 more things:

1. pass the National Test Component with Uniform State Content;

2. complete 20 hours of education through a provider and program approved by the NMLS Resource Center; and

3. have a licensed Alaska mortgage broker or lender sponsor the originator.

Here is the NMLS database or mortgage course providers:

http://mortgage.nationwidelicensingsystem.org/profreq/education/mcc/Pages/PECourses.aspx

Mortgage branch and mortgage loan originator annual fees are $250. But originators must pay an additional $150 the first time for a surety fund fee.

NMLS handles the document submissions for this Alaska license, as well as the test application for mortgage loan originators. Here is the home page for their nationwide mortgage licensing system:

http://mortgage.nationwidelicensingsystem.org/profreq/education/Pages/default.aspx

There are some other forms you may need as an Alaska mortgage license holder. You can find those on the Division of Banking and Securities website here:

https://www.commerce.alaska.gov/web/dbs/ConsumerFinance/MortgageBrokerLendersOriginators/Forms.aspx