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Beginning July 1, 2010, all loan officers working for mortgage brokers must have their national license in order to conduct business. Licensing required 20 hours of classroom education and then successfully passing both a National and State Exam. Loan officers also had to pass a criminal background check and submit a credit report to the Arizona Department of Financial Institutions. The best part of the new licensing system is that complaints can now be filed against an individual's unique national license number that will stay with them from company to company and state to state. The weak part of the law is that loan officers employed by federally-regulated institutions (the big banks) are completely exempt from these licensing and testing requirements. At last count, there were still 1100 loan officers that waited until the last minute who were still waiting for their application packages to be processed and approved by ADFI.
