Mortgage Broker Licensees:
Renewals will be done utilizing NMLS, so if the mortgage broker does not transition, the license will not be able to be renewed.
Companies and Sole Proprietors holding a mortgage broker license in Arizona must transition (enter their entity/license information) onto the Nationwide Mortgage Licensing System (NMLS) before the renewal start date of November 1, 2009. To transition, licensees must complete and submit through NMLS Form MU1 for their company and Form MU2 for each of their control persons, executive officers and owners (including the Responsible Individual in AZ). This is strictly a transition of information regarding your license onto NMLS.
Additionally, for each Mortgage Broker Branch License held, a licensee must transition by completing and submitting Form MU3 through NMLS before the renewal start date of November 1, 2009.
It is important that current licensees have all of their Arizona license numbers available to enter in the License Wizard in NMLS when completing and submitting their Form MU1 and Form MU3(s). When entering your mortgage broker license number, do not enter the “MB”, “MBBR”, or “- (dash)”. Just enter the numbers.
Any licensee that needs to amend a license, or other actions previously completed in paper form, must complete these actions within NMLS. If you are planning on surrendering your license before the 12/31/2009 renewal date, you will not need to transition onto NMLS. Please send to AzDFI your original license(s) and a letter of explanation signed by an owner or officer of the company/entity on file with AzDFI.
Licensees should use the information currently on file with the Arizona Department of Financial Institutions when transitioning onto NMLS. Any change in information will need to be submitted as an amendment filing after transition approval.
NOTE: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in Arizona and complete a few state specific fields.
Loan Originators Applying for License:
All loan originators must become licensed by July 1, 2010 per Arizona Revised Statues Section 6-991.03. Loan Originators will be able to apply for their loan originator license starting October 7, 2009 by filing Form MU4 through NMLS. For updates please go to our website www.azdfi.gov and click on “NMLS and Loan Originator Information”. A person can fill out the MU4 form on NMLS without submitting to AzDFI. We recommend you do this to save time when you are ready to apply for a loan originator license.
All loan originators will be required to complete the requirements below in order to attest that they meet all requirements to be licensed.
- Pre-licensing courses
- Completion of exam with passing score
- Criminal background check completed
Quick Guides, Tutorials, and jurisdiction specific checklists are available on the NMLS website to help you through this process.
To get updated information regarding AzDFI, go to AzDFI’s website, www.azdfi.gov, and register your e-mail address. Click on “Sign up for Newsletter and e-mail information”. You can also look under “Latest News” and check “NMLS and Loan Originator Information” to locate any updates.
For Mortgage Brokers contact Joanne Landry, jlandry@azdfi.gov or 602-771-2800 X-12798.
For Loan Originator questions, contact Chris Dunshee, cdunshee@azdfi.gov or 602-771-2800.