EDIT: A BILL REQUIRING LICENSING WAS PASSED THE FIRST WEEK IN JULY, 2008, AND THE GOVERNOR HAS SAID SHE'LL SIGN IT!
(Last Summer-2007) I've only been in the mortgage business for four years, all of them here in Tucson, AZ. I'd like to hear what people in Tucson, Arizona think about licensing for loan officers. If you're for it, what can we do to make it happen? If you're against the idea, please tell me why.
The truth of the matter is that no loan officer in the state of Arizona has been required to
- take any class,
- pass any test, or
- have any oversight at the State level for proficiency and/or ongoing education.
If you had your hair cut last week, the person who performed that service took a required course of study, took a state examination, proved their proficiency at their chosen profession, and got a job.
Your loan officer skipped all of the above, and went straight to "got a job." Not good for the consumer!
If you know someone in the legislature, let me know. I look forward to hearing from you.
I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
photo credit: I believe this photo is in the public domain.
If you know otherwise, please let me know.
Mike,
I read a couple of your posts, great stuff,
I was reading through more tonight and noticed this one. In April of 2007, I went to the Arizona Mortgage Brokers Conference in Phoenix, and they talked about this subject in detail. They actually got a bill onto the State Floor, but then got kicked out through a committee. One state elected official killed the bill. This bill would of required 90-95% of all LO's to be licensed in this state. check out there website at www.aamb.org.
I personally do not want big brother involved in our business at all, however, I am tired of competing against so many bad loan originators who are dishonest and rip people off. If being licensed forces these people out, then I am all for it. We need to do a better job to rebuild consumers confidence in us as mortgage professionals.
Gary, thanks for visiting and commenting. I look forward to meeting you.
Mike in Tucson