Napolitano signs bill on licensing of loan workers

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PHOENIX — Arizona Gov. Janet Napolitano on Monday signed into law a bill requiring state licensing of mortgage loan workers.

While the state already regulates mortgage brokers and mortgage bankers, the law will require licensing of an estimated 10,000 loan originators — front-line employees of mortgage brokers and other lenders who typically interview loan applicants and act as middlemen between lenders and consumers.

Supporters say it will help weed out fraud, prevent abuses and protect consumers. Opponents questioned whether it would burden business and said it won't prevent buyers from lying about their income.

The issue came before the Legislature while the mortgage industry faced scrutiny because of foreclosures and other problems associated with the subprime loan crisis.

Read All Comments » 10 TOTAL COMMENTS

TERRY H. (SOUTHWEST55590)

Jul 8, 2008 @ 12:53pm

WHAT A JOKE, AGAIN "BIG BROTHER" STEPS IN AND DOES --- N O T H I N G ... JUST ANOTHER IGNORANT LAW...

David J E. (Lovesya)

Jul 8, 2008 @ 11:51am

First Magus started the whole down fall Now crooked people are in it again with blessing from Feds and State

1broken 1. (1broKen1)

Jul 7, 2008 @ 5:38pm

I don't know, LAY of gubment sounds about right. It's just a nicer way of saying what they do to us anyway..

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