New Law Requiring Liscenses for Mortgage Originators

We received notification from the Arizona Department of Real Estate that the Governor, Janet Napolitano, has signed the legislation to require licensing of loan originators. The new law will go into effect in January of 2010. This bill has been supported by many in the lending and real estate industry. It marks a positive step forward for Arizona. It will require loan officers and mortgage originators to pass a test, pay a fee, meet continuing education requirements, and notify the Arizona Department of Financial Institutions where they are working.

Information from: Catherine Reagor’s Real Estate Blog (AZ Central), ABC15.com, and ADRE