Home : Blogs : Ken Nimmo : Ken's Blog

Wow... Arizona loan officer licensing no go!!!

I read over the weekend that the house passed easily a bill that would require Arizona loan officers to be licensed. The bill was introduced to help stop the mortgage fraud that has been higher than ever. But to my surprise and anyone else I have talked with the Senate wouldn't even consider the bill. They didn't even look at it on the floor. I just can't understand that. If I read correctly it could go in front of the in the next session. I wonder if any of them have been affected by an unqualified loan officer. You know the one who just started in the business and doesn't yet have a clue. I think there should be a call for action on this. Letters from our industry right to the Senate asking why they would have a problem voting on licensing loan officers. Realtor's, Real Estate Appraisers, Home inspectors, septic inspectors all have licenses or at least mandated education in the respective fields. This is just my opinion.

Posted by Ken Nimmo on 04/02/2007 08:46 AM

Comments (10)

real estate, mortgage, loan, prescott, prescott valley, chino valley, arizona, state, nar, realtor

This post has been included in Arizona Information
Post is included in group: Prescott

10 Comments on Wow... Arizona loan officer licensing no go!!!

APR

2007

Ken, I couldn't agree more. It's amazing isn't it? The biggest and most active proponent for Loan Officer licensing is the National Association of Mortgage Brokers, yet we have to drag the individual states (kicking and screaming) to the party! Stunning...

WA State just this year managed to get everything passed. It took a while. I spoke with the head of DFI for Washington shortly after everything was approved and he admitted openly that DFI was against the change. His reasoning? They didn't want to be the policemen.

It doesn't make any sense..

www.hummelcompanies.com

I was shocked when I read the article too. It is amazin that our goverment isn't doing more about this huge problem in light of the mess it is creating in our market right now. I would expect it to pass next year for sure. I can't wait.

APR

2007

Yeah very surprising development. Does anyone have a link to the article you mentioned?

Here is the link to the article in the Arizona Republic.

http://www.azcentral.com/arizonarepublic/business/articles/0401catherine0401.html

Ken thanks for the link, look what else I found about a possible lifetime license!

link to my blog

I don't get it. I have been an originator for three years. I have worked with some very unethical and or plain stupid originators. A little policing would be good for the industry. There is no shortage of qualified people already in the businees that we do not need the bad apples making the rest of us look bad along with them.

I agree with you 100% the industry is over-flooded with LO's who have no clue! This is changing now with the recent changes in the market. Those same people cannot survive in a normal market, especially with all lenders tightening up, and alot of them closing their doors. I believe we will see alot of the same unqualified LO's eventually leave the industry. I was all for the License!

Take care,

Jake

APR

2007

I couldn't agree more! Plain and Simple. There is no individual accountability on Loan officers. If they get fired for unethical practices they just go to another company and continue doing what they did before until they get caught again. I've seen this so much and it's very scary. I have very few loan officers that I recommend because I'm so suspicious. My first job is to do right by my client. If I refer them to someone unethical it puts me in the same light and I'm not willing to risk my credibility for someone else's greed.

APR

2007

Ken thanks so much for posting this information. I have been having a discussion here in NM about the requirements for loan officers in AZ. This is just the information I needed.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?