R20-4-1903. Equivalent and Related Experience

A. An applicant may satisfy the three years’ experience requirement of A.R.S. § 6-973 by the types of lending-related experience listed in this subsection. The Department counts each month in the following types of work experience towards the three years required either for a commercial mortgage banker license, or as a responsible individual, both under A.R.S. § 6- 973(D). The Department counts a fractional month of experience, at least 15 days long, as a full month. 1. Mortgage broker, responsible individual, or branch manager for a licensee; 2. Mortgage banker, responsible individual, or branch manager for a licensee; 3. Commercial mortgage broker, or responsible individual, or branch manager for a licensee; 4. Commercial mortgage banker, or responsible individual, or branch manager for a licensee; 5. Loan originator with responsibility primarily for loans secured by lien interests on commercial real property; 6. Lender’s branch manager with responsibility primarily for loans secured by lien interests on commercial real property; 7. Attorney licensed in Arizona; 8. Manager or supervisor of loan originators; 9. Mortgage processor, mortgage underwriter, or mortgage quality control professional with responsibility primarily for loans secured by lien interests on real property; 10. Executive, supervisor, or policymaker involved in administering, or operating a mortgage-related business; or 11. Regulator, examiner, investigator, compliance expert, or auditor whose primary function is the review of mortgage companies, and their compliance processes whose experience is determined to be sufficient by the Department. B. The Department will review and evaluate the experience of an applicant with insufficient actual experience of the types listed in subsection (A) on a case by case basis.