Mortgage Lenders in Arizona Key Terms

Learn about the laws and organizations that oversee mortgage lenders in Arizona

By Laurie Edwards

If you plan to buy property in Arizona, you need to be aware of the many groups that provide mortgage funding. Homes can be financed through mortgage brokers, lending companies, banks and/or government programs. Finding the right source for a loan will be easier if you contact the statewide organizations that offer advice and contact information. Some of these groups also provide education and support for professionals engaged in the mortgage business.

Arizona Association of Mortgage Brokers

The Arizona Association of Mortgage Brokers is an organization for Arizona-licensed mortgage brokers. This non-profit group emphasizes professionalism and ethical conduct. Consumers can contact them for information on mortgage brokers who are members.
Try: Visit the Arizona Association of Mortgage Brokers for a description of the organization as well as the regulations the government requires it to follow. Other links on the site give access to frequently asked questions about mortgage brokers and a list of Arizona members.

Arizona Mortgage Lenders Association (AMLA)

The Arizona Mortgage Lenders Association (AMLA) is a networking organization that provides legislative representation and educational opportunities for its members. In addition, it holds its members to a strict code of ethics when they deal with the public. Originally based in Phoenix, it now has branches in various parts of the state.
Try: More about the code of ethics for the Arizona Mortgage Lenders Association can be found at their website.

Arizona Department of Financial Institutions

The Arizona Department of Financial Institutions oversees and regulates the financial industry in the state. Its goals are to protect consumers, encourage economic growth, and support integrity within the banking and mortgage industry.
Try: The Arizona Department of Financial Institutions has mortgage information for consumers. Check out their website for updates to both the National Mortgage Licensing System (NMLS) and Loan Originator Licensing.

Arizona Anti-Deficiency Law

The Arizona Anti-Deficiency Law, also known as the Arizona Foreclosure Law, allows mortgage companies to sue homeowners for the difference between the foreclosure's selling price and the amount of the loan that is still outstanding. In some cases, mortgage companies who lose money on foreclosures take the defaulted homeowner to court and get a judgment for this balance owed, called a deficiency.
Try: On KEYTLaw.com, lawyer Jeana Morrissey explains more about the Arizona Anti-Deficiency Law.

Homes for Arizonans

Homes for Arizonans is a special initiative of the Arizona Department of Housing to help those who otherwise could not qualify for mortgage loans. This program provides downpayment and closing-cost assistance based on a sliding scale that is dependent on income. Financial help from Homes for Arizonans is available to all Arizona residents except those in Pima and Maricopa counties, and it may be combined with other government programs.
Try: The Arizona Department of Housing explains the initiative and lists the guidelines and qualifications for applying.

Arizona Housing Finance Authority (AzHFA)

One of the main programs of the Arizona Housing Finance Authority (AzHFA) is its downpayment assistance program. Other programs include Multi-Family Mortgage Revenue Bonds, Mortgage Revenue Bond (MRB) Home Loans for First Time Buyers, and Mortgage Credit Certificate (MCC) Tax Benefits for First Time Buyers. AzHFA aims most of its mortgage assistance toward first time homebuyers, but the organization also assists people who have not owned a home in the past three years.
Try: Information on the downpayment assistance program as well as other AzHFA offerings is available from the Arizona Housing Finance Authority.