With all of the advanced warning and instructions we received from the state and many other sources, there can be no gray area when it comes to who has to have a license to originate loans in Arizona and how to get one. This is not the case for some loan officers who continue to ignore the SAFE Act requirements set by lawmakers that took affect on July 1, 2010.
Posts Tagged ‘loan officers’
Unlicensed Loan Officers Still Operating in Arizona
Posted by Michael Manfredi on July 18th, 2010
Posted in Arizona Reverse Mortgage, Reverse Mortgage 
Tags: Arizona, arizona state laws, azdfi, Federal Housing Administration, HECM, loan officer fines, loan officer license, loan officer training, loan officers, Phoenix Arizona, Reverse Mortgage, reverse mortgage rates, reverse mortgages, state of arizona, United States Department of Housing and Urban Development, unlicensed loan officer 
2 Comments »Michael Manfredi Approved Loan Officer NMLS#150754
Posted by Michael Manfredi on July 2nd, 2010
This article is about the country’s lawmakers’ decision to police-up the mortgage industry by requiring loan officers to be licensed and registered nationwide; a law that most states, including Arizona have also adopted. While I have always been a proponent of loan officer (LO) licensing I did not expect to be forced to get one for myself since I am a licensed mortgage broker. A mortgage broker license is much harder to obtain and requires a higher level of achievement for the applicant. So why then are we, mortgage brokers, required to have both licenses? One theory I have is that it will produce more fees. Every year, I now have to pay for two licenses and must fulfill continuing education for both which isn’t free either. Another theory is the weeding out process. If you are in agreement with this theory that more fees and testing and fingerprinting and background checking was all designed to remove the bad apples from the bunch (and we all know there are many of them) well you might be surpised to know that on this basis, the law is a total failure.
Posted in Reverse Mortgage Tags: Arizona, licensed loan officer, Loan Officer, loan officers, Mortgage, Mortgage broker, Reverse Mortgage 6 Comments »
