New Game, New Name - The Arizona Association of Mortgage PROFESSIONALS

Arizona Association of Mortgage Professionals
New Game.  New Name.

The association is changing it's name!  After today, it'll be known as the Arizona Association of Mortgage Professionals, or AzAMP for short. 

Why the change?  Here are several reasons:

The New Economic Reality
Because of tougher underwriting, legislation that restricts business and an anticipated slow recovery of the real estate market, it's a whole new ball game when it comes to originating loans. 

Today's mortgage professionals need to find new ways to provide value to a small borrower base in a sluggish economy.  The days of order-taking are over.  It's a new day that demands innovation, building long-term relationships, specializing in niche markets, diversifying services and looking at social media strategies to connect with consumers.



Nation-wide, Basic, Uniform Criteria for Licensing
Arizona, in complying with the Federal S.A.F.E. Act, now requires all loan originators (LO) who work for mortgage brokers, mortgage bankers and consumer lenders to have an Arizona LO license and to obtain a unique identifier in the NMLS, the "common computer system/record keeper", if you will, of all the states.   Each state enacted laws using the S.A.F.E. Act model, yet still maintained its own unique statutory climate, some more onerus than others.  There are stricter standards in place for staying in the business and higher standards for new people entering the industry.  This obviously has had the effect of weeding out many of those who gave this industry a bad name during the prosperous times. 

The positive effect is that consumers will be dealing with more professional, experienced and better-screened mortgage loan originators.  For those sticking it out, it means there'll be less competition in the market.

Broker Model in Transition
Given all the changes hitting the industry, it's not an exaggeration to say that the broker model is undergoing significant change.  With fewer "true brokers" in the market, and with many brokers going to work for banks, the new association name opens the door for more involvement and participation by a broader group of mortgage professionals.   This is certainly reflected in the successful and recent collaboration between AzAMP and AMLA.  Together, we have a stronger voice.


New game.  New name.  Be a part of the winning team!