Question 1

What is a Responsible Individual (RI)?

Accepted Answer

A Responsible Individual (RI) is a qualified, Arizona-based professional who is legally responsible for overseeing a mortgage company’s compliance with state regulations. The Arizona Department of Financial Institutions (AZDFI) mandates that all mortgage companies have an RI to maintain proper licensing. The RI acts as the company’s official liaison with AZDFI and ensures all operations comply with the law. They must have a minimum of three years of relevant experience in the mortgage industry and reside in Arizona during their tenure

Question 2

Why do I need a Responsible Individual for my mortgage business?

Accepted Answer

In Arizona, it's legally required for any mortgage business (broker, banker, or commercial mortgage company) to appoint an RI to ensure compliance with state regulations. Without an RI, your business cannot legally operate, and failure to meet this requirement can result in fines, penalties, or revocation of your mortgage license

Question 3

What qualifications does an RI need in Arizona?

Accepted Answer

To qualify as a Responsible Individual in Arizona, the candidate must:
 • Be a current resident of Arizona.
 • Have a minimum of three years of relevant experience in mortgage lending or brokerage.
 • Be an active W-2 employee of the mortgage company.
 • Be capable of managing the company’s operations, particularly in the areas of compliance and regulatory adherence​