Arkansas mortgage are supervised by the Arkansas Securities Department. All mortgage broker licenses that are given within the state of Arkansas are processed through the National Mortgage Licensing System. In order to obtain a license, all professionals must pass a licensing examination. Additionally, all brokers must take part in eight hours of continuing education per year. As with many states, consumers in Arkansas are protected against predatory lenders according to state law in addition to the federal consumer protection laws.
The Arkansas Home Loan Protection Act was set in place to protect borrowers from lenders who act in a predatory manner. Lenders within the state of Arkansas must be affiliated with a bank that is federally insured. Various homeownership assistance programs exist within Arkansas including programs that have been established for rural home buyers, low-income buyers, single parents, and senior citizens. Arkansas also has numerous community programs in place including the Rural Development Program, the Home to Own Program, and the Community Home Buyer Program. Prior to selecting any mortgage broker within the state of Arkansas, it is a wise idea to ask for referrals. Reputable brokers will be able to produce a brokerage license along with a list of consumer referrals. To find an Arkansas mortgage broker in your area, take a look at our brokerage listings. |
