Pre-Licensing Info: RIs and Mandatory Education

Arizona Association of Mortgage Brokers

Attention Responsible Individuals (RIs).  According to the Arizona Department of Financial Institutions (AZDFI), the 20-hour mandatory education pre-licensing courses can satisfy the 12 hours of RI requirements.  Remember, RI continuing education must be completed by December 31 of each year. 

If you plan on applying the 20-hour mandatory education hours toward your RI requirement for this year, you need to take the courses before year-end. 

Click here if you'd like to register for AAMB's 20-hour mandatory education package with several locations and dates to choose from.

Here's additional detail about the RI requirement taken from the AZDFI website:

As part of the mortgage banker and mortgage broker renewal process, the responsible individual (RI) must complete 12 units (1 unit = 50 minutes) of continuing education prior to 12/31 of each calendar year. A copy of the certificate(s) must be sent to AzDFI with the renewal checklist (which will be available on NMLS in September).

The certificate must show each course and units taken.  The education must be comprised of:

--Arizona mortgage related law (i.e. title, appraisal, real estate, etc… as it relates to mortgage industry)
--Federal mortgage law
--Mortgage related ethics
--Non-traditional mortgage products
--Other mortgage related courses that contribute to the maintenance and improvement of professional competence.

The same courses cannot be taken in two consecutive years

IMPORTANT: If you are a Responsible Individual who is also a loan originator (LO), units may be applied to both the RI continuing education and LO pre-licensing education requirements, if applicable courses and units are taken.

Source

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Comments

[Mei Lan]

The AZDFI site says the 12 RI continuing education units may be applied toward the 20 LO prelicensing units. It does NOT say the 20 LO units will satisfy the entire 12 RI units. Have you verified this with AZDFI?

RESPONSE FROM AAMB
In an e-mail dated Aug 25 to Joanne Landry, Licensing and NMLS Manager for AZDFI, this question was posed: "Based on our conversation two Fridays ago, I want to confirm that the RI requirement of 12 hours can be satisfied by the 20-hour pre-licensing courses."

Joanne's response was, "That's correct!"