Section R20-4-1802. Equivalent and Related Experience

A.      An applicant may satisfy the three years’ experience require- ment of A.R.S. § 6-943 by the types of lending-related experi- ence 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 experi- ence, 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 experi- ence 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

Historical Note

New Section adopted by final rulemaking at 5 A.A.R.

2094, effective June 10, 1999 (Supp. 99-2).