This news just came in. By 2010, all mortgage/loan officers in the state of Arizona will be required to be licensed by the state, so that means nearly 10,000 agents will have to take tests, pass them, and notify the Department of Finance where they will be doing business.

Senator Jay Tibshraeny, R-Chandler, who introduced this legislation said, “This will bring more accountability to the lending industry and is the start of repairing that badly damaged industry.” It’s also interesting to find out that this legislation, and very similar ones, have been rejected 3 times in the past not too long ago. Not only do I believe that licensing loan officers will raise the bar of loan practices, but I think that the quality of indiviuals making deals would be raised too.

Licensed loan officers = less loan officers altogether = higher quality of service = happier customer = improving economical health for the state (long term benefit).

Tags: arizona, license requirement, loan officers

This entry was posted on Sunday, July 6th, 2008 at 12:49 pm and is filed under For Home Buyers, For Home Sellers, Mortgage & Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.