• You've found your dream house--now you need a mortgage broker.house image by qadro from Fotolia.com
  
  Mortgage brokers are the people you go to when you need a loan for that dream house down the block. Mortgage brokers have, in recent years, developed a bad reputation for some unethical activities that took place. Due to these issues and tightened requirements for mortgage brokers, the compliance laws have become stricter. In Arizona, there are specific mortgage broker compliance laws.
  
  

Background Check

• Fingerprints of the applicant must be submitted through the Arizona Association of Mortgage Brokers. These fingerprints will then be sent to the FBI, where a thorough background check will be conducted. The processing fee for this is anywhere between $40 and $60.
  
  

Exam

• To be in compliance, a mortgage broker in Arizona must also have passed the pre-licensing test. This pre-licensing test is actually required by the Nationwide Mortgage Lending NMLS. A passing score is 75 percent or higher. If the applicant does not pass on the first attempt, they may wait 30 days and retake the test. Topics covered on the test are ethics, federal laws and laws specific to Arizona lending, fair lending issues and fraud and consumer protection.
  
  

Levels

• In Arizona, there are three paths of study a person could take while obtaining their mortgage broker's certification. These three paths are: Certified Residential Mortgage Specialist (CRMS), General Mortgage Associate (GMA) and Certified Mortgage Consultant (CMC). Per the NAMB guidelines, an individual must pass the written test for any of these positions.
  
  

Insurance

• To be in compliance with Arizona laws, the mortgage broker must also maintain a surety bond for a minimum of $10,000.
  
  

Experience

• A mortgage broker in Arizona must have three years' experience before being licensed, to be in compliance.