Become a Mortgage Banker With a Mortgage Banker Bond in Arizona
Those who want to work in the banking industry as a mortgage banker are going to need to fulfill a few requirements to obtain this position. Anyone who is interested in becoming a mortgage banker is going to need to obtain a mortgage banker bond in Arizona and their mortgage banker license. Then, they will need to ensure they renew the mortgage banker bond every year to keep it up to date.
In Arizona, a person must obtain a mortgage banker license to become a mortgage banker. There are no prerequisites in Arizona for this type of license, and everyone who is going to offer loans is going to need the license to do this legally, with a few exceptions. One of the requirements for a person to become licensed is to have a surety bond for this type of work to protect the clients they’ll do business with.
A surety bond is an agreement stating they will follow all laws and regulations pertaining to initiating mortgages. The amount they will need to pay to obtain the surety bond depends on the type of mortgages they’ll be dealing with as well as their amounts. They will need to ensure they are obtaining the right bond for the business to ensure they are able to be licensed and to work as a mortgage banker in Arizona.
The surety bond for a mortgage banker only lasts one year. At this point, they will need to obtain a new surety bond to continue working in this capacity. This must be done before December 31st for it to be valid for the next year. The company they received the original bond from, in most cases, will be able to help them with the renewal.
If you’re planning on becoming a mortgage banker, it’s vital you have everything needed to get started. Along with obtaining a license, you’ll need to obtain a Mortgage Banker Bond in Arizona. If you need more information about how this works or you’re ready to obtain a bond today, contact Southwest Bond Services. They provide all of the help you’ll need to get the right bond.