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Arizona Responsible Individual Services
Arizona Statute Eliminating the Requirement of Separate Trade Name Licenses
Arizona Senate Bill 1394 was recently enacted removing the requirement for mortgage licensees to obtain separate mortgage licenses for trade names. The law applies to [...]
State Chartered Banks Organized Outside of Arizona Are Subject to Registration and Regulation by the Arizona Department of Financial Institutions (AZDFI)
The Arizona Department of Financial Institutions ("AZDFI") is charged with overseeing the secure operation of Arizona state chartered financial institutions, as well as state chartered [...]
The AZDFI Is Processing and Approving Applications in Record Time Frames
The Arizona Department of Financial Institutions ("AZDFI") has signficantly reduced the time periods in which mortgage industry applications are processed and approved. In my experience, [...]
Arizona Anti-Deficiency Laws and Selecting the Appropriate Box on the Closing Disclosure (CD)
The Closing Disclosure or "CD" mandated by Regulation Z §§ 1026.19 and 1026.38 requires the lender to advise the borrower whether the "anti-deficiency" protections under [...]
NMLS Conference 2018
The annual NMLS Conference was held February 6 through 9, 2018 in New Orleans. It was attended by over 450 industry members and regulators from [...]
Electronic Notarization of Documents under Arizona Law and the Model Statute Drafted by the Mortgage Bankers Association (MBA) and the American Land Title Association (ALTA)
Notarizing documents electronically is currently a hot topic in the mortgage and title industries. Allowing the parties to the purchase and sale of a home, [...]
Determining the Correct Bond Amount for an Arizona Mortgage Banker License
The Arizona statutes require that a mortgage banker maintain a surety bond. A.R.S. § 6-943(H). The purpose of the surety bond is to compensate a [...]
Arizona Licensed Mortgage Companies Completing and Signing the Pre-Qualification Form and the Loan Status Update Form
The Arizona Association of Realtors (AAR) has prepared a Pre-Qualification Form and Loan Status Update form for its member real estate brokers and their agents [...]
Periodic Company Reviews of Arizona Compliance
It is important for an Arizona mortgage licensee to periodically review its compliance with Arizona statutes and regulations and be aware of current oral guidance [...]
Arizona Mortgage License Renewal Due December 31, 2017
To renew an Arizona mortgage license for 2018, the renewal application is due December 31, 2017. This deadline applies to the four license types -- [...]
A Mortgage Business Must Retain a "Responsible Individual" to Obtain a Mortgage License in Arizona
In order for a mortgage business to obtain a license in Arizona, it must first retain a "Responsible Individual." The Responsible Individual or RI must [...]