The Arizona Republic reported yesterday that legislation calling to license as many as 18,000 loan officers and mortgage originators never got a chance to be heard in the Senate. This bill had passed in the Arizona House.
Read full story here.
Here is the story about who tabled this bill and why.
It is rather strange that this should happen. Arizona was recently ranked #7 in mortgage fraud. The Arizona Republic broke a story earlier this year on "cash-back" real estate scams claiming it was very prevalent in the Phoenix market.
I think licensing loan officers is a great idea. There should also be continuing education requirements. This would go a long ways towards increasing standards across the industry.
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