A decision must be made as to which license type is appropriate.  There are four mortgage license types which are set forth below.  Carolyn Goldman can discuss the different license types and provide advice as to which license types are required and appropriate.  The decision depends upon various factors including if the entity is brokering loans or funding loans, acting as a warehouse lender or servicing loans and the type of property which secures the loan.  AZDFI policy and interpretation is particularly important in determing if a mortgage banker license versus a mortgage broker license is required.

1. Mortgage Broker – A.R.S. § 6-901 et seq.
2. Mortgage Banker – A.R.S. § 6-941 et seq.
3. Commercial Mortgage Broker – A.R.S. § 6-901 et seq.
4. Commericial Mortgage Banker – A.R.S. § 6-971 et seq.

There are additional licenses which may be required or from which an entity may be exempt based upon holding a different license:

1. Collection Agency – A.R.S. § 32-1001 et seq.
2. Escrow Agent – A.R.S. § 6-801 et seq.