By John R. Rapasky For the first time ever, beginning July 1, 2010, loan originators must be licensed to originate residential mortgage loans in Arizona. Each licensee will be required to have a license number, which will be registered with the Nationwide Mortgage Licensing System. This number will follow the licensee no matter where they work, thus creating a record for each licensee and establishing a system of accountability. This will prevent licensees from performing misconduct at one company, just to leave that company and perform misconduct at another company. Individuals who perform loan modifications will also need...
