Arizona Association of Mortgage Professionals

All About Licensing – Info from AAMB

Arizona Association of Mortgage Brokers

Originator licensing through the SAFE Act represents a new road to travel for Arizona mortgage brokers and loan officers.  To help you successfully navigate the new landscape, AAMB will post information over the next few weeks about the most frequently asked questions regarding licensing. 

The topics below will be featured in separate posts, and a link will be added to each item in this list as the post goes live.  This will allow you to refer back to the list as a table of contents for information you need about licensing.  

1.  Who needs a license and by when?

2.  What do SAFE, NMLS & AZDFI mean?

3.  RIs and Mandatory Education

4.  The Test

5.  The Test - Part II

6.  Finger printing/criminal background check

7.  Surety Bond

8.  How do CRMS, CMC, GMA fit in?

9.  Fees

 

AAMB's 20-hour pre-licensing education package is currently available.  Click here to view the schedule and to sign-up.

Pre-Licensing Education: A Letter from AAMB President Mark Tronziger

Arizona Association of Mortgage Brokers

Dear Fellow Mortgage Originators:

  

I’m writing to you today to ask for your help!  Many of you may recall receiving a letter from me a while back when I was running to be your State President for the Arizona Association of Mortgage Brokers.  In that letter, I expressed a desire and a willingness to do great things for our association and our industry.  The time is now upon us for one of these great things to happen.

 

Most of you are aware of the new loan originator licensing requirement that was passed on a national level.  What you may or may not be aware of is the mandatory education that is required as part of the new process.  Under the SAFE Act, all originators must complete 20 hours of mandatory education by July 2010 and pass a written exam.  

 

The Arizona Association of Mortgage Brokers has worked tirelessly with the Department of Financial Institutions and has been approved as an education provider for all originators in our state.  Hence, my plea for your help.

 

We are an industry that has been at the forefront of endless attacks over the past several years.  Many of you have seen transformations in this industry that you couldn’t possibly have predicted back in 2005.  As a result, we have lost many of our closest friends and lending partners due to companies forced out of the business or downsizing.  The Arizona Association of Mortgage Brokers itself isn’t immune to the challenging times we all face right now.  With your support and pledge to obtain your mandatory education classes through our Association, we can secure the sustainability of our organization and our industry.

 

With this being said, the board of directors is working tirelessly to develop, implement and maintain a pre-licensing education curriculum that is now available (CLICK HERE).  We are offering this education at a significantly reduced price from the competition and will be offering it statewide.

 

We are in this fight together and our association is working around the clock on your behalf.  Whether you are a member or not of the association, you have benefited in countless ways from the efforts put forth by it.  My favor of you is really a simple one.  With all things being equal, please give the association a chance to earn your business and ensure that your dollars stay here in Arizona and with the Association.  With this revenue, we will continue to fight the array of predatory lending legislation that is before the Arizona state legislature and will continue to support legislation on the national level to overturn HVCC.  

Your dollars to the association count!  Thank you for your continued support and consideration of my request.  I wish each and everyone one of you a brighter tomorrow in this ever changing economic climate.  By supporting one another, we will be stronger, better and more determined for what the future holds.

 

Warm regards,

 

 

Mark Tronziger

President

Arizona Association of Mortgage Brokers

  

Fewer banks tightening underwriting requirements - What's your experience?

Arizona Association of Mortgage Brokers

Is the drought over?   

Not the drought of the economic recession, but of the trend by banks to keep tightening underwriting  requirements? 

A recent Federal Reserve survey shows that about one-fifth of U.S. banks tightened lending standards on prime home mortgages in Q-II of 2009.  That's down from half in Q-I and down from the highest point of three-quarters a year ago.

Are you seeing signs of new life?
While the new reality (or return to the old days) of tight standards is expected to continue through mid-2010, do you see residential mortgage guidelines leveling off and becoming more consistent?  Are you seeing any easing of guidelines?

Share your experience in the comments section below.

Click here for the AP Article
Click here for the Federal Reserve survey

 

AAMB Legislative Affairs Update

Arizona Association of Mortgage Brokers

Legislative Affairs Chair Jody Davis provides a snapshot of what's going on in Arizona and at the Federal Level.

Have a question for Jody Davis?  Post in the comments section below.

  

Featured member benefit: Free one-hour technology assessment

Arizona Association of Mortgage Brokers

For AAMB Members Only

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AAMB Members receive a free one-hour technology assessment!

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Allow TB Consulting to manage your technology so you can focus on your business. 

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Has the housing market really hit bottom? Tell us what you think.

Arizona Association of Mortgage Brokers

The Associated Press reported Monday that the housing market decline has reached bottom  and that the "worst is over."

Based on national data released over the last two weeks, the AP reports that "by every measure, except foreclosures, the housing market has stabilized and many areas are recovering."

What do you think?  Has the Arizona market hit bottom? If so, are we holding flat or beginning to improve?  Is the glass half-empty or half-full?

Here's your chance to play armchair economist!  Please post a comment below and let us know what you think.

To read the AP article in the Arizona Republic, click here.