This 1 hour course on Arizona laws and regulations fulfills the state elective requirement for annual renewal. Licensed mortgage loan originators in the state must take 8 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and 1 hour of state-specific content.  

We’ll begin with the regulatory structure governing MLOs in Arizona, including the Department of Insurance and Financial Institutions (AZDIFI) and a review of the AZ SAFE Mortgage Licensing Act in comparison to the NMLS Model Act. We will then examine the state laws pertaining to the qualifying activities of an MLO, as well as the differences between various loan professionals in the industry.  

In the next module, we provide an overview of prohibited practices and potential penalties for violations according to the Arizona Revised Statutes, along with a discussion of the deputy director's investigative and enforcement authority. Next we briefly cover the state Mortgage Recovery Fund–its balance, sources, cap, and liability limits. To conclude the class, we go over a bit of Arizona mortgage industry-related news such as the status of HB 2010, Senate Bill 1033, plus some real world case studies involving lenders, loan officers, and others. This section illustrates what can happen when providers in the industry neglect public interests for their own gain. 

To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 15-question final exam will wrap up the course. 

  • Course ID(s): 16229
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

Mary Tillery is the instructor for all of our MLO continuing education courses. She has been sharing her expertise with fellow mortgage loan originators for more than 35 years as a lending educator. Learn more about Mary’s background here.