ProSchools has taken some calls from Arizona mortgage professionals lately. Loan originators have not had to complete Arizona mortgage education or pass an exam in the past to be licensed.
This all changes beginning July 1, 2010. According to H.B. 2143, Arizona loan originators will need to complete 4 things in order to be licensed by this date.
- Complete 20 hrs of NMLS education. Required (The Arizona Revised Statutes does not show that any hours must be Arizona specific) in the 20 hrs:
- 3 hrs federal law
- 3 hrs ethics, which includes instruction on fraud, consumer protection and fair lending issues
- 2 hrs on lending standards of the non-traditional mortgage product marketplace
- Arizona loan originators must also pass an NMLS exam, both the state and national component.
- Loan originators must register with the NMLS, obtaining a unique identifier.
- They must also complete a criminal background check.
Important dates for Arizona:
June 30, 2009: All licensed mortgage brokers were required to be transitioned onto NMLS and submit their information to the Department.
December 31, 2009: All licensed mortgage brokers, mortgage bankers and commercial mortgage bankers need to renew their license.
July 1, 2010: Loan Originators may not transact business as a loan originator unless they are licensed by the Department.
ProSchools has submitted Arizona courses to the NMLS for approval and also has an exam prep available to prepare loan originators for the NMLS exam. The 20-hour course will contain an exam prep, so it will not be necessary to purchase it separately.