• Arizona requires all its mortgage brokers to be fully licensed.Arizona, America image by Serenitie from Fotolia.com
  
  Like most others states, Arizona requires mortgage originators and brokers be educated, tested, and licensed with the National Mortgage Licensing System (NMLS). With the mortgage meltdown, states are regulating mortgage originators and companies more so than in the past.
  
  

Company Nomenclature

• Mortgage brokers in Arizona cannot use the terms "trust," "savings," "bank," or "banc" in their business names. Only companies appropriately structured may use corporate identifiers such as "Corporation, LLC," "Partnership, LLC," or LTD." Check the company's name against the license database to ensure it does not have the same name as other entities already licensed.
  
  

"Responsible Person" Requirement

• Each company must designate a "responsible person": an Arizona resident licensed as a mortage orginator who must maintain an active managerial role in the business. If this person leaves the company for any reason, the state must be notified within 10 days and a replacement appointed within 90 days or the license will expire.
  
  

Physical Address

• Mortgage brokers must maintain a physical address from which business is transcated. If the main office is out of state, a local branch in Arizona is required. All branches must be individually licensed to do business and have the appropriate forms filed for each location.