-Questions and Answers  

1) What is the Time Line for Loan Officer Licensing? 

AMLA has been told by representatives from the Department of Financial Institutions (DFI) that in order to insure being licensed before 7/1/10 as required by law, licensing applicants should have all their paperwork to DFI no later than 2/26/10.  It will also make license approval much more efficient if the applicant writes their name and NMLS unique identifier number at the top of all documents submitted with the application. DFI is incredibly understaffed and simply can't guarantee any less than the mandated 120 days for license processing.  There is currently nothing in the works to extend the July 1, 2010. 

2) What are the education requirements in the state of Arizona for the  licensing of loan officers?  

Twenty hours are required by July 1, 2010. After that, eight hours are required each year. 

3) What fees are involved for licensing of loan officers? 

* $350.00 Arizona Application Fee  

* $39.00 Digital Fingerprinting for Background Check

Effective Monday, January 25, electronic fingerprinting for the licensing background check requirement is now available.  License applicants must complete their MU4 on line with NMLS and request fingerprinting.  The charge for submitting the MU4 is $30. After the fee is paid, applicants are able to make an appointment to be fingerprinted at a location relatively close to where they live or work.  The background check appears to be completed almost immediately in most cases.  

* $92.00 National Test Fee  

* $30.00 NMLS Registration Fee (due when the MU4 is completed) 

* $69.00 Arizona Test Fee  

* $150.00 Licensing Fee  

* $100 Recovery Fund Initial Payment  

For more information, the NMLS website is mortgage.nationwidelicensingsystem.org. 

The website for the Department of Financial Institutions is azdfi.gov.