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Does an Arizona Commercial Mortgage Broker Need a Surety Bond?


The Arizona Department of Financial Institutions is tasked with the oversight of licensure and regulations of commercial mortgage brokers.

A commercial mortgage broker is defined as a person that receives direct or indirect compensation for negotiating or making an offer to negotiate a commercial mortgage loan.

Arizona Statutes Chapter 9 Article 1 defines the licensing of mortgage brokers.

License requirements are as follows:

1. Complete the application through the NMLS system and pay the applicable filing fee, FBI criminal background check fee, and processing fee.
2. Review the checklist.
3. Provide copies of the following if applicable: if any questions answered “Yes” on the disclosure statement, provide supporting documentation; if using a DBA name or other trade name, attach a copy of your Certificate of Trade Name registration.
4. Provide a State certified copy of applicants formation documentation such as a corporate charter or articles of incorporation, or articles of organization and operating agreement, or partnership agreement.
5. Provide a copy of an Arizona issued Certificate of Authority and/or Good Standing Certificate.
6. Provide the most current unaudited financial statement prepared within the past six months and has been certified by the licensee. If the applicant has already started business, a statement of operations, retained earnings, statement of changes to financial position, and any notes if applicable must be submitted. If the applicant’s exclusive contracts are with institutional investors, provide a current financial statement or one from a parent company. The financial statement will need to include a certified balance sheet from the preceding six months. If the applicant has already begun business operations, a statement of operations, retained earnings, a statement of changes in financial position and any applicable notes is required.
7. If applicant will maintain business files electronically, they must contact licensing@azdfi.gov.
8. Provide verification of experience for any person responsible (includes qualifying person). This can include past or current employer letters on company letterhead and must include job description, dates (month, day & year) of employment.
9. Provide personal financials for each person with a voting share of more than 20%.
10. Provide a copy of the sublease and/or lease agreement or rental agreement for the company. The copy must be sent directly to AzDFI.
11. Provide documentation of citizenship or alien status.
12. Complete an Attestation form MU2 for each individual listed with control of the company.
13. A $10,000 surety bond is required if applicant investors are limited solely to Institutional Investors, all others require a $15,000 surety bond.
14. Pay applicable fees for individual FBI Criminal Background Checks for any direct owners having more than a 20% voting share, qualifying individuals.

How Much Will This Bond Cost?

The premium that you pay for an Arizona Commercial Mortgage Broker Surety Bond are dependent on credit and bond amount required.

Did You Know?

Arizona commercial mortgage broker licenses must be renewed annually by December 31. Get more information on License Renewals here.

Related Links:

NMLS Registration Portal
NMLS - Arizona Mortgage Broker New Application Checklist
NMLS - Arizona Commercial Mortgage Broker New Application Checklist
Arizona Personal Financial Statement
Arizona Laws, Rules & Substantive Policy Statement

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