Definition and Requirements of the Arizona Responsible Individual

It is very important as you begin the licensing process that you understand the definition and requirements of the Arizona mortgage responsible individual. In order to get approved in Arizona, each mortgage banker, mortgage broker, and commercial lender must employ an Arizona resident called a responsible individual. Consequently, the responsible individual, must be qualified and approved by the state of Arizona.

Because of this requirement it is especially relevant that you call me today at 480-525-8184 for more information on my mortgage responsible individual services:

To assist further below you will find the definition and requirements to become a responsible individual.

Mortgage Brokers – A.R.S. 6-903(H):

Mortgage Bankers – A.R.S. 6-943(F):

Commercial Mortgage Bankers – A.R.S. 6-976(A&B):

The Arizona revised statutes uses the term responsible individual or responsible person to define and or describe the requirements of becoming an approved RI in the state of Arizona.

  • First and foremost, the responsible individual must live in Arizona during the entire period of being employed as the RI.
  • Most noteworthy, the RI has to be active management of a licensee’s affairs.
  • In addition the RI must meet the qualifications listed in A.R.S. §§ 6-903(H), 6-943(F), or 6-973; and will have to be an officer, director, member, partner, employee, or trustee of a licensed entity.

Furthermore, the qualifications for a responsible individual are in the Arizona Administrative Rules.

  • The Department of Financial Institutions AAC is a very important document and every licensee should print it out and reference it often. R20-4-906.
  • Especially important, an applicant may satisfy the three years’ experience requirement of A.R.S. § 6-903 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 for a mortgage broker license, under A.R.S. § 6-903(B), or as a responsible individual, under A.R.S. § 6-903(E). The Department counts a fractional month of experience, at least 15 days long, as a full month.

1. Mortgage broker with an Arizona license, responsible individual, or branch manager for a licensee;

2. Mortgage banker 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 broker with license from another state, or responsible individual for a mortgage broker licensed in another state;

6. Mortgage banker with license from another state, or responsible individual for a mortgage banker licensed in another state;

7. Attorney certified by any state as a real estate specialist.