Arizona passed a law stating that all loan modifications must be handled by a licensed loan officer by next summer. Many people sent in complaints that people were taking their money and they were not receiving the results as promised. Loan modifications were not governed by any state agency until as of this week. I know loan modifications is a big part of President Obama's plan to help slow down foreclosures. Personally, I have heard many people gave their money and that person would not call them back. It was getting out of hand.
Both Arizona loan officers and loan modifiers must do the following:
- Pass criminal-background checks
- Take 20 hours of education on lending laws
- Pass a national test and
- Post yet-to-be determined bonds and contributions to the state's financial crime-recovery fund beginning July 1, 2010.
It is a step in the right direction for both sides. Again, I would rather deal with licensed professional.