Because of the SAFE Mortgage Licensing Act, any person who is holding escrow as a third party with the intent to complete a transaction of property after a specific event has occurred is required to have an Escrow Agent License.
This most often occurs in the case of a home purchase: when a home is to be inspected before the sale takes place and the purchaser entrusts an escrow agent with the funds for the purchase to be delivered to the seller after the inspection takes place.
Taking on a new career can be difficult in many ways. If you are looking at becoming an Arizona Escrow Agent, let us help you make the licensing process be as easy as possible. Here are the steps you need to take to get licensed:
How to get an Arizona Escrow Agent License
As of July 1, 2017, new applicants and existing licensees for escrow agent licenses are now able to submit the following their application through the Nationwide Mortgage License System.
If you wish to complete your application via mail, this is how you can do so:
Step #1: Complete an Arizona Escrow Agent License Application
There are pre-requisites for applying for a license.
Step #2: Complete the following paperwork
- Biographical Statement – If applying as a corporation, the top 5 officers need to fill out the statement individually
- Personal Financial Statement
- Background check
- Branch Application – only required if you will be conducting business other than the corporate location
Step #3: Purchase an Arizona Escrow Agent Bond
An Escrow Agent Bond is a type of license and permit surety bond required by a state agency for licensure pertaining to escrow activities.
Escrow Agent Bonds protect your clients in case you provide poor advice, make an incorrect or unethical decision, or make in error in your client’s information. If your client suffers financial hardship because of your error, they can make a claim against your surety bond.
Escrow Agents in the state of Arizona will need to secure an Arizona Escrow Agent Bond in the amount of $100,000.
The price you’ll pay for your bond will be dependent on your personal credit score and other factors.
The best way to see what you’d pay for your Arizona Escrow Agent Bond is to get a free quote below:
Step #4: Pay processing fees
Submit a credit card authorization form for a non-refundable application processing fee of $1,500.
Step #5: Mail all of the above to:
Step #6: Pay licensing fees
- If your license is issued in Nov/Dec/Jan: $750 licensing fee
- If your license is issued in Feb/March/April: $500 licensing fee
- If your license is issued in May/June/July: $250 licensing fee
- If your license is issued in Aug/Sept/Oct: $1,000 licensing fee
Agency Contact Information Contact Arizona Department of Financial Institutions licensing staff by phone at (602) 771-2800 or send your questions via email to email@example.com for additional assistance.
License Expiration and Renewal
Licenses expire on September 30th of each year. You will need to renew your license to remain compliant with the law.
For every day that your license renewal application and fee is late, you will need to pay a $25 late fee. Your license will be suspended until you renew properly.
If you fail to renew your license by October 31, your license will expire.
- License Year: October 1 thru September 30
- Renewal Package Due: August 15 through September 30: Without Penalty
- October 1 thru October 31: With Penalty