New Bill for Arizona loan officers

Shared by Jerry on Thu Jul 17, 2008 5:41 am
A new bill has been signed into law in Arizona Gov. Janet Napolitano with the aim to protect consumers from mortgage fraud and enforce regulations for loan officers. The purpose is to shift consumer attention towards industry professionals who run their business ethically. However the bill will come in to effect only in 2010. Source: http://www.bizjournals.com/phoenix/stories/2008/07/14/daily11.html

Community Members Opinion

sara

Joined: 05 Jul 2006

Posts: 1168
Location: New Brunswick, New Jersey

216.67 Dollars($)

Posted: Thu Jul 17, 2008 5:57 am Post subject:

Hi jerry, Nice to see you back. looks like you've taken a long vacation there! just kidding Well I guess the new loan is the response to several mortgage fraud cases being reported in Arizona in recent weeks. Nationwide 400 brokers have been under arrest due to charges of mortgage fraud. And in Arizona, so far 6 fraud cases have been reported and total 36 defendants have been charged. Especially in Phoenix and Tuscan, 30 arrest were made in total as per the FBI. So, on one hand there's the mortgage crisis, foreclosures etc and on the other hand, frauds are getting quite common. Let's hope the new law will help minimize such fraud cases. But we're yet to see its effects. You take care jerry and see you soon right here!


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