Arizona getting tougher on mortgage industry

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Friday August 22, 2008

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Arizona getting tougher on mortgage industry

A new law went into effect in Arizona last week which places greater mortgage fraud protection provisions and punishments for mortgage fraud by regulating the licensing of individual mortgage loan officers, not just the mortgage companies.

The new law requires mortgage loan officers to pass a criminal background check, attend educational courses, pass a test administered by the Arizona Department of Financial Institutions, and be registered in a database that tracks the movement of loan officers in and out of the state.

Arizona government leaders hope the new requirements, set to go into effect in January 2010, will help prevent mortgage fraud in the future, which has helped contribute to the more than 1 million foreclosures nationwide.

In Arizona this past month, 30 arrests were made in mortgage fraud-related cases in the Phoenix and Tucson areas, resulting in approximately $100 million in losses.

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