Arizona Association of Mortgage Brokers
Here's an update from AAMB Legislative Affairs Chair Jody Davis about the Arizona legislative landscape:
The atmosphere in the political arena has become increasingly unstable. The Arizona legislature has yet to produce a working budget. The stand off between the Governor and the Republican legislature has reached boiling point. The Governor refuses to sign anything that does not include a sales tax hike. Meanwhile the leaders of the legislature refuse to even discuss it. The multi billion dollar deficit is not going away and will become even more problematic the further it lingers.
The Governor will call a special session later this month or the beginning of November. Not only are the budget items on the table, but several entities start to run out of money the end of this month and if not fixed, we could all go without services to some degree. What does this mean to mortgage professionals? Simply put, get your education and testing completed now to beat the rush.
You may ask, why is this so important, don't we have until June 30 of next year? DFI has only a handful of people working in licensing. The money has yet to be granted by the legislature to hire more staff. The original budget called for 1.5 million, it is now down to a proposed 550k. It might go down further if the House gets their way. This means there might only be enough money to hire an additional 4-5 people. They will have to do the work they have now plus process 5000 requests for loan officers. This will take the processing time of a couple of weeks to several months. Not to instill a panic, but applications received after March might not make the cut off of June 30.
Get signed-up for your 20-hour mandatory education course...click here.
For more information about licensing, click here.
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