A. An applicant may satisfy the three years'
experience requirement of A.R.S. §
6-943
by the types of lending-related experience listed in this subsection. The
Department counts each month in the following types of work experience toward
the three years required either for a mortgage banker license, or as a
responsible individual, both under A.R.S. §
6-943(C).
The Department counts a fractional month of experience, at least 15 days long,
as a full month.
1. Mortgage banker with an
Arizona license, responsible individual, or branch manager for a
licensee;
2. Mortgage broker with
an Arizona license, responsible individual, or branch manager for a
licensee;
3. Loan officer with
responsibility primarily for loans secured by lien interests on real
property;
4. Lender's branch
manager with responsibility primarily for loans secured by lien interests on
real property;
5. Mortgage banker
with license from another state, or responsible individual for the mortgage
banker;
6. Mortgage broker with
license from another state, or responsible individual for the mortgage
broker;
7. Attorney certified by
any state as a real estate specialist.
B. An applicant with insufficient actual
experience of the types listed in subsection (A) may satisfy the remainder of
the three years' experience requirement of A.R.S. §
6-943
by the types of related experience listed in this subsection. The Department
counts each month in the following types of work experience according to the
ratio listed below, of actual experience to equivalent experience, credited
toward qualifying for a license, or as a responsible individual, both under
A.R.S. §
6-943(C).
The Department counts a fractional month of experience, at least 15 days long,
as a full month. An applicant receives credit in only one area listed and for
not more than three years' actual experience. The remaining years of experience
required to qualify for a license shall be obtained from types of work
experiences listed in subsection (A).
1.
Attorney without state bar
certified real estate specialty...3:2
2. Paralegal with experience in real estate
matters...3:2
3. Loan
underwriter...3:2
4. Mortgage
banker or mortgage broker from
another state without license...3:2
5. Real estate broker with an Arizona
license or license from a state with
substantially equivalent licensing requirements...3:2
6. Escrow officer...3:2
7. Trust officer with a title
company...3:2
8. Executive,
supervisor, or policy maker
involved in administering or operating a
mortgage-related business...3:1.5
9. Title officer with a title
company...3:1.5
10. Real estate
broker, not qualified under
subsection (B)(5)...3:1.5
11. Loan processor with responsibility
primarily for loans secured by lien interests
on real property...3:1.5
12. Lender's branch manager with
responsibility primarily for loans not secured by lien
interests on real property...3:1.5
13. Real property salesperson, with an
Arizona license or a license from a state with substantially
equivalent
licensing requirements...3:1
14. Loan officer, with responsibility
primarily
for loans not secured by lien interests on real
property...3:1
