Arizona Mortgage Broker Bond

Summary

Arizona mortgage broker bond is a type of surety bond that is required for mortgage brokers in the state of Arizona to obtain as part of their licensing process. The bond is a guarantee that the mortgage broker will comply with all relevant laws and regulations in their business operations. The Arizona Department of Financial Institutions requires mortgage brokers to obtain a surety bond in the amount of $10,000 before they can be licensed to operate in the state. The bond serves as a form of protection for consumers, ensuring that they are not subject to any illegal or unethical practices by the mortgage broker. If a consumer believes that a mortgage broker has acted improperly or violated any applicable laws or regulations, they can file a claim against the broker's bond. The surety company that issued the bond will investigate the claim and, if it is found to be valid, will pay out compensation to the consumer up to the full amount of the bond.

What is an Arizona Mortgage Broker Bond? 

Arizona Mortgage Broker Bonds are required by Arizona's Department of Financial Institutions to obtain your Mortgage Broker license. The Arizona Mortgage Broker Bond amount is set at $25,000.  This License is required of any person who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans on Arizona property for others. There must be a principal place of business (office) in the State of Arizona.

The State requires a Mortgage Broker bond for :  

For $100,000-$500,000 the surety bond is $25,000 and every fraction that it goes up after $500,000-$1,000,000, it is $5,000 more.

$1,000,001-$10,000,000 the surety bond is $50,000 and $5,000 more of any fraction over $1,000,000

$10,000,001-$100,000,000 the surety bond is $75,000 and $5,000 for any fraction over $10,000,000

$100,000,001 and over is a $100,000 surety bond

Different parts of a bond:

There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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 Arizona Mortgage Broker Bond Information and Requirements:

For $100,000-$500,000 the surety bond is $25,000 and every fraction that it goes up after $500,000-$1,000,000, it is $5,000 more.

$1,000,001-$10,000,000 the surety bond is $50,000 and $5,000 more of any fraction over $1,000,000

$10,000,001-$100,000,000 the surety bond is $75,000 and $5,000 for any fraction over $10,000,000

$100,000,001 and over is a $100,000 surety bond