About the Author

Noel Collins is the Vertical Manager – Mortgage for Leads360. Prior to joining Leads360 Noel was the Director of Marketing for a sub-prime lender. Noel’s previous experience buying and managing internet leads provides a added value to the Leads360 client base. “My role is to bring my experience buying and managing leads for our mortgage firm directly to our client base”. You can reach Noel at ncollins@leads360.com or (213) 500-9597

Loan Officer Licensing Bill Passes

By Noel Collins on Monday, June 30, 2008
Filed Under: Bill 2349, featured
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You have got to love Arizona.  Arizona has always been a notoriously tough state to obtain Bankers/Brokers license and has occasionally even heavy-handed some lead providers over the years.  Now Arizona appears to be on the verge of passing a new Loan Officer licensing bill.  By passing a bill that would require loan officers and mortgage originators to pass a test, pay a fee and notify the Arizona Department of Financial Institutions regarding their employment, Arizona is leading the charge to regulate shaky lending practices.

With Arizona taking action to transform the lending environment, should more states adopt this policy?   If House Bill 2349 is signed into law by Arizona Gov. Napolitano the law would go into effect January 2010.  That is right around the time some experts are forecasting the economy and liquidity markets to bounce back.

Obviously more accountability is a good thing. The number of brokers has dropped drastically over the last two years, and maybe next time around only good qualified “Financial advisors” will be in a position to play the game.

Either way this is a good idea and I’m on board.  Are you?

Click to view a full description of Bill 2349

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  1. Michael | Jul 1, 2008 | Reply

    Arizona is hardly leading the charge here…Illinois has had loan officer state licensing requirements for years.

  2. Noel Collins | Jul 1, 2008 | Reply

    Well fair enough, Your point is taken. Living in AZ and having spent many years doing the licensing and compliance for Arizona while managing the direct lender I worked for, I found the state to be much more stringent and nit picky with regards to initial and continual licensing requirements. Illinois on the other hand once requirements were met, interacted with us little other then annual fiscal and financial reports. Thanks for putting IL back on the map, :)

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