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FAQ

What does a Mortgage Loan Officer do?

Loan Officers facilitate this lending by seeking potential clients and assisting them in applying for loans. Loan Officers also gather information about clients to ensure that an informed decision is made regarding the quality of the loan and the probability of repayment. Mortgage Loan Officers develop relationships with commercial and residential real estate agencies, so that when an individual or firm buys a property, the real estate agent might recommend contacting a specific loan officer for financing. Loan Officers guide clients through the process of applying for a loan.

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What are the requirements to be a licensed Loan Officer in the State of Arizona?

  • Create an individual account and submit an application via the Nationwide Mortgage Licensing System (NMLS) at http://www.stateregulatoryregistry.org/NMLS. A unique identifier will be assigned to each individual account.  The individual NMLS indentification number will be required when reporting licensee activity.
  • Submit to a criminal background check.
  • Complete NMLS approved 20 hours SAFE Act pre-licensing education
  • Applicants must also pass both a national and state component of the SAFE Act Mortgage Loan Originator test.
  • Maintain surety bond coverage via company bond or individual bond.
  • Credit report.
  • Every year take 8 hours of Continuing Education.

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Why should I take the Arizona School of Real Estate & Business Loan Officer Training Program?

With over 45 years providing superior training and educational products to over one million students,  the Arizona School of Real Estate & Business is an education provider you can trust.  We are an approved provider with the Nationwide Mortgage Licensing System.  Our mortgage lending courses deliver a comprehensive review of all timely federal and state information that prepares you for success in the industry and prepares you to successfully pass the national and state exams.

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Where and when is the state exam given?

All State exams and the National exam are administered at the same testing locations.  There is no need to travel to another state to test. You can schedule your appointment at a testing center close to you by visiting NMLS at http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/default.aspx

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How many questions are on the National & State exam?

National exam consists of 125 total questions out of these 115 are scored. You have 225 minutes to complete.

State exam consists of 55 – 65 questions out of these 45 – 55 are scored. You have 90 minutes to complete.

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Is there a continuing education requirement?

  • Beginning January 1, 2010 every licensee must complete 8-hours of NMLS approved continuing education annually by the end of the calendar year.
  • Continuing education can be completed in a classroom or online.
  • Cost of renewal with AZDFI  is $150. There is no fee with NMLS.

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