Section R20-4-906. Equivalent and Related Experience

A.      An applicant may satisfy the three years’ experience require- ment of A.R.S. § 6-903 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  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.

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. § 6-903 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 towards qualifying for a license, under A.R.S. § 6-903(B), or as a responsible individ- ual, under A.R.S. § 6-903(E). The Department counts a frac- tional 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 remain- ing years of experience required to qualify for a license shall be obtained from types of work experiences listed in subsec- tion (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 broker or mortgage banker 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