While the Nationwide Mortgage Licensing System has federal guidelines and requisites in place, many states have their own statutes in addition to that. The Nationwide Mortgage Licensing System or NMLS will give important licensing information for each state agencies, in this case the Arizona Department of Financial Institutions or AZDFI. The Department makes it mandatory for anyone seeking a mortgage broker or mortgage banker license to have a licensed responsible individual in Arizona mortgage industry. Without a licensed responsible individual in Arizona mortgage license seekers will not be approved by the Department of Financial Institutions. Call today to get more information on our services 602-351-5607
The significance of a responsible individual in Arizona mortgage industry cannot be overstated. The licensed professionals are integral to get anything going or even to start up a business in mortgage brokering or mortgage banking. But other than the quintessential requisite, there are many other areas of significance of a responsible individual in Arizona mortgage industry.
Anyone applying for a mortgage broker or mortgage banker license will need to submit a ton of paperwork through NMLS and Arizona Department of Financial Institutions. While the applicant should have the necessary expertise or experience in the mortgage industry, there are more requisites to be dealt with. An individual or company’s background is studied extensively and all credentials are verified, from checking the background for any criminal record to assessing the credit history; a lot of stringent checks are carried out. Along with that there are specific forms to be filled up by companies or individuals according to the type of license that one wants. There are different licenses for mortgage brokering and mortgage banking and there are different licenses for individuals and companies and also for branches and principal licenses. A responsible individual would ensure that all these processes are completed quickly and end up in the approval of an application or granting of a license.
The Arizona Department of Financial Institutions and the Arizona Revised Statues makes it imperative to have a responsible individual in Arizona mortgage business. For more information on the Arizona Revised Statues click here.
It is not a onetime arrangement or facilitation of the licensing requirements. A mortgage broker or mortgage banker will need a licensed Arizona mortgage responsible individual to be actively involved in their business as long as the company or individual operates in the state. Should a mortgage broker or banker be unhappy with a responsible individual in Arizona mortgage industry, one can switch to another responsible individual but there should be one at all times. There are many formalities that need to be attended to on a recurring basis. Most of those formalities pertain to the AZDFI and all these are done by a responsible individual in Arizona.